Shoosmiths’ corporate team has advised LDC on its investment to support the £17.8m management buyout of GMG Property Services, a UK provider of software services to estate agents.
Shoosmiths partner Sean Wright led the team with support from associate Tim Moss and solicitor Emma Livesey. Partner Rebecca Mauleverer and solicitor Cole Stacey provided banking support.
The deal, in which the business will be rebranded as ‘The Property Software Group’, sees LDC take a significant stake in the business, alongside the incumbent management team led by chief executive Mark Goddard.
Established in 2007, the business has an annual turnover in excess of £10m and employs more than 170 people across its network of UK operations in York, Redruth, Luton and Wolverhampton.
LDC’s investment will provide the opportunity to accelerate the recent organic growth of the business as well as supporting the management team’s buy and build strategy. It also enables the Guardian Media Group to exit the business.