Inflexion Invests In UK’s Leading Provider Of Tech‐Enabled Conveyancing Solicitors
Today, Monday 8th July 2019, Inflexion Private Equity has announced that it has completed an investment in O’Neill Patient Solicitors LLP (ONP), the UKs leading Business-to-Business tech-enabled provider of property and remortgage conveyancing services.
The investment is being made by Inflexion Buyout Fund V, Inflexion’s dedicated mid‐market fund. As part of this investment, Inflexion Private Equity has also acquired Grindeys a specialist conveyancing business.
ONP, who are based in Stockport, processes over 88,000 transactions per year for residential property purchases and remortgages. The firm, which has been established since 1987, markets its services through its strong relationships with panel managers, mortgage brokers and banks, whose referrals make up around 90% of their businesses. The firm utilises a sophisticated case management technology which enables it to offer market‐leading service and efficiency, supporting unparalleled customer service, quality and turnaround times.
The market for residential conveyancing and remortgaging tends to be local and fragmented, with even the largest players commanding single digit market shares. This provides excellent scope for service improvement and further investment in technology via consolidation, with the purchase of Grindeys a first step towards that. ONP is also exceptionally positioned to cater to the market’s shift over the last two years towards remortgages, given management’s specific expertise in this area and tech‐platform investment to cater to this.
Sue Brown, CEO of ONP, said:
“I’m extremely proud of the continued excellence ONP has delivered in this evolving industry. Our use of technology to enhance the client experience has given us an edge, one which we look forward to developing with Inflexion’s impressive in‐house digital team to continue to innovate in our market and deliver an exceptional service at scale to our clients.”
Simon Turner, Managing Partner, Inflexion, commented: “ONP has created an excellent property and remortgage conveyancing firm which has significant opportunity to grow further both by gaining market share and M&A. The business benefits from unique technology, which we will work with management to further develop.”
Following the investment, management will continue to be led by Sue with Pete Opperman as Non-Executive Chairman and Daren Churchill from Grindeys also joining the Board.