UK mid-market lender Investec Growth & Acquisition Finance has provided financing to Lomond Capital, a regional residential letting and property management group.
The senior and subordinated financing package will provide “significant” additional firepower to assist Lomond as they continue their buy & build strategy, acquiring residential lettings and property management businesses in attractive regional markets.
Lomond is the largest letting agent in Edinburgh and Aberdeen, Scotland managing over 5,000 properties, and is also already active in the Manchester, UK market through their most recent acquisitions of Penny Aston and Thornley Groves. Lomond intends to expand its current operations in these areas as well as introduce their distinct business model and high quality services to other regional centers across the UK.
Stuart Pender, CEO, Lomond Capital, said, “Working with Investec has enabled us to access flexible financing that is suitable for our business and allows us to maintain the strong growth momentum that we have seen already in 2013.”
Investec Growth & Acquisition Finance is part of Investec Specialist Bank and works alongside management teams and private equity firms to provide finance to UK mid-market companies, including revolving and amortising senior cash flow lending, mezzanine finance and minority equity.
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