A Swindon-based property technology company has been sold for £91m.
Luxemburg-based private equity fund Aurelius has purchased TM Group from its owner Dye & Durham, the Toronto Stock Exchange listed corporate.
TM Group, which was founded in 1999, has been up for sale ever since Dye & Durham was told by the 海角视频 Competition & Markets Authority to sell it off due competition concerns. Closing is expected to occur in August 2023.
The Wiltshire business is a market leader in providing data and technology services to the property sector. It provides search aggregation services which are a key component of the 海角视频 conveyancing process. Searches supplied include Title, Local Authority, Water & Drainage and Environmental.
TM Group has achieved a leading market position, with generated revenues of £62m in 2022.
Read more: Loungers reports 'record revenue' in latest results
Joe Pepper, chief executive of TM Group, said: “We are thrilled that the sale to Aurelius has now been completed, and to have secured further investment from Aurelius, a partner that shares our vision for growth and innovation.
“This collaboration will allow us to further develop and enhance our product offerings, leverage our strong brand recognition, and continue to build on our prominent property market presence.”
Most Read
Tristan Nagler, partner at Aurelius, added: “Our investment will bring additional opportunities for TM Group to develop its innovative and market-leading product offerings at the heart of the 海角视频 property market, while also continuing to focus on outstanding client service.”
Aurelius is a pan-European alternative investment firm with global reach focused on private equity, private debt and real estate.
The sale will conclude the undertakings entered into following the decision of the 海角视频 Competition & Markets Authority (CMA) that the acquisition of TM Group by Dye & Durham, originally agreed in July 2021, would have reduced competition for the provision of property searches in England and Wales.
Mr Nagler continued: “This is a great opportunity for Aurelius to invest in the 海角视频 property services space, in a strong platform for steady growth.
“TM Group’s services are essential to the 海角视频 conveyancing process, providing the business with a good level of demand within a market with high barriers to entry.
“We see a number of compelling opportunities to build on TM Group’s well established market position and look forward to bringing our operational expertise to partner with the incumbent management team.”
TM Group will continue to develop and expand its portfolio of customer-facing solutions, serving all the key parties involved in property due diligence.
Don’t miss
The firm will work with its new owners to further enhance its end-to-end solutions for every step of the property transaction, delivered through its proprietary software tools.
Like this story? Why not sign up to get the latest South West business news straight to your inbox.