News
BCIS secures backing from LDC
13 Jun 2022
The Building Cost Information Service (BCIS), the UK’s leading cost benchmarking and valuation platform for construction, has secured investment from LDC, the private equity arm of Lloyds Banking Group.
The investment will see BCIS, which was first established as a service in 1961 by the Royal Institution of Chartered Surveyors (RICS), become an independent company. RICS will continue to retain a minority shareholding in the company.
BCIS supports approximately 4,000 customers across the construction, facilities management and insurance sectors, providing access to the industry’s most comprehensive data sets on building costs and rates. Subscribers access its services through a range of online applications, publications and data licensing agreements.
The investment – led by Partner and Head of Yorkshire Dan Smith, Investment Director Will Scales and Investment Manager Anthony West – will enable BCIS to further invest in its technology platform and data in order to enhance its services and insight for its customers.
James Fiske, CEO of BCIS, said: “Becoming an independent company with the backing of both LDC and RICS represents an excellent opportunity for BCIS. It means we can further develop as a critical contributor to the provision of better information about the built environment and enhance our offering for our subscribers. Over time, we’ll be committing further investment to our data sources, online interface and technology platform, making our services even more comprehensive and accessible.”
We were impressed by LDC’s track record in supporting data-led, technology-based businesses like ours, as well as its experience of working with professional bodies as a co-investor. They also quickly understood the importance of our customer relationships, who rely on our services day in, day out, to deliver for their clients. This is an exciting new chapter for BCIS, its customers and its people.”
Dan Smith, Partner and Head of Yorkshire at LDC, said: “BCIS has built a unique position in the UK market, offering an invaluable service to its customers with unrivalled credibility and scope. Its products are trusted by thousands of professionals across multiple markets. We’re excited to be partnering with James, his team and RICS to enhance the quality, accessibility and breadth of those services.”
Richard Collins, Interim CEO, RICS, added: “Securing an investment partner like LDC will enable BCIS to build on its market-leading position, giving it the funding and expertise to develop. RICS is committed to ensuring BCIS has the right investment as a critical contributor to the provision of better information about the built environment. RICS is retaining an investment in BCIS and will continue to support and work closely with the business and its management team.”
RICS was advised by KPMG (corporate finance and legal).
BCIS management was advised by Shoosmiths.
LDC was advised by Graph Strategy (commercial due diligence), Addleshaw Goddard (legal) and PwC (financial).