MML invested into Lomond in 2014 to accelerate its expansion into the UK’s residential property market. MML has helped Lomond significantly expand its regional footprint and complete over 15 acquisitions. At the time of exit its portfolio of leading residential estate and letting agency brands included Brighton based Brand Vaughan, John Shepherd in Birmingham, Thornley Groves in Greater Manchester and Braemore and Stonehouse in Scotland. Lomond now manages properties worth in excess of £2.7bn, sells more than £750 million of property per annum and employs more than 350 members of staff.
Lomond Capital’s Executive Chairman Stuart Pender said:
“With MML’s support, we have had significant success in bringing together and supporting great quality regional agents under one operating model while maintaining a local, on-the-ground approach which together has delivered significant benefits to landlords and tenants.MML has been a fantastic partner for the Group and we appreciate the trust and commitment MML has shown to us.”
Ian Wallis, CEO at MML, said:
“Congratulations to Stuart and the team on the achievements they have made. During our period of investment, Lomond has become a leading and innovative property service provider, driven by an outstanding management team and we wish them the best of luck in the next phase of their journey.”
This is the 12th and final exit for MML Fund V and as such brings the highly successful Fund V to a close.
The MML deal team consisted of Ian Wallis and Will Stewart.