LDC exits iamproperty following transformational growth

LDC, the private equity investor which is part of Lloyds Banking Group, has exited its investment in Newcastle-headquartered iamproperty to Perwyn, in a transaction that marks a 278% increase in the enterprise value of the business.

iamproperty is a leading provider of technology solutions to UK Estate Agents, helping them to save time, reduce risk, drive efficiencies and revenues, all while improving the experience of buying and selling property for everyone involved in property transactions. iamproperty pioneered the Modern Method of Auction and today works with more than 6,000 Estate Agency branches.

LDC completed a minority investment in iamproperty in 2019 backing entrepreneurs Ben Ridgway and Jamie Cooke, who founded the business together in 2009. With LDC’s support, the management team heavily invested in innovation, continuing to make big changes in the industry. During the partnership, iamproperty launched the UK’s first end-to-end onboarding and conveyancing platform ‘movebutler’, and completed two complementary acquisitions, supporting its Partner Agents with more market-leading solutions to accelerate their success.

iamproperty has recorded transformational growth over the last four years. Since LDC’s investment, revenue has grown by 3.5x for the year ending October 2023 and is expected to reach £76m, and EBITDA has increased by 4.5x over the same period. Last year saw the business’ biggest year of growth, with revenue up by 45 per cent on the previous year to £55m*. The business has also continued to invest in talent across its technology, customer service and sales teams, and today employs more than 530 people in the UK, growing from 180 when LDC invested.

The transaction, led by Partner and Head of the North East & Scotland, Gareth Marshall and Investment Manager, Naomi McDiarmid, generates a 3.7x money multiple return for LDC.

Co-Founders Ben and Jamie, alongside the iamproperty management team, will retain a majority shareholding and continue to drive the business forward. The next era of innovation for iamproperty will see the development of an integrated ecosystem of solutions for Estate Agents, continuing its commitment to transform the property market and pioneer next gen agency solutions.

Ben Ridgway, Co-Founder of iamproperty, said: “When we began the search for an investor in 2019, we wanted to take the business to the next level and were looking for a partner that would give us the capital, support and advice we needed to help us achieve our goals.