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One of the region's best regarded businesses has been sold to a Swedish company in a multimillion-pound deal backed by two private equity firms.

NBS, which is based in Newcastle's Old Post Office, was established as the commercial arm of the Royal Institute of British Architects (RIBA), and provides technology for the architectural and construction industries.

Now RIBA and LDC, which invested in NBS two years ago, have agreed the sale of the company to Byggfakta Group, a data and software provider headquartered in Sweden. The deal – on disclosed terms - has been backed by private equity firms Stirling Square Capital Partners and TA Associates.

LDC, the private equity arm of Lloyds Banking Group, invested £31.8m into NBS in 2018, allowing it to make acquisitions in Australia and Canada.

NBS has seen significant revenue growth over recent years and has invested in building the suite of products available to its customers.

Colin Smith, executive chairman of NBS, said: “Our partnership with LDC has both transformed our business and supercharged our growth.

“They backed our ambition to expand internationally and invested in our technology development, helping us to meet our objectives sooner than expected despite the uncertainty in the market.

“The team also supported our decision to join Byggfakta Group and we’re excited about the future for NBS as part of a larger international group.”