Countrywide announces Lambert Smith Hampton acquisition
Countrywide plc announced on Thursday that they have entered into an agreement with Lambert Smith Hampton Acquisitions Limited, and Sankaty European Investments Sarl to acquire Lambert Smith Hampton Limited for a total cash consideration of £34.1 million.
Countrywide will acquire the entire issued share capital of Lambert Smith Hampton, free from all existing non-trade borrowings and related security.
The Lambert Smith Hampton group is one of the largest commercial property consultancies in the UK and Ireland with 26 offices and 861 employees.
The 2012 audited statutory accounts show LSH reported sales of £64.1 million and an operating profit of £5.0 million.
Gross assets of the business are approximately £17.7 million as at August 2013.
Countrywide will retain both the Lambert Smith Hampton brand and Ezra Nahome, CEO and the Management Board, which will continue to shape and drive LSH’s decisions and objectives.
LSH will form a new division of Countrywide and will report directly to the Countrywide plc Executive Board .
Grenville Turner, Group CEO, Countrywide plc said: “The acquisition of LSH is an important part of Countrywide’s continued growth strategy. It will enhance our footprint across the UK and will help to drive more opportunities to our teams operating our core Land and New Homes, and Residential Development & Investment businesses.
“We have a successful track record of acquiring and managing businesses, and being part of Countrywide plc will bring a wealth of new opportunities, fresh investment, economies of scale, and expertise to LSH.
“We are committed to the continued development of LSH as it becomes an increasingly important player in the commercial property market. We are looking forward to working in partnership with the LSH team to drive the business forward together.”
Ezra Nahome, CEO, Lambert Smith Hampton said: “This heralds a new, exciting chapter for LSH and being part of the Countrywide group will provide us both with significant opportunities.