AURELIUS acquires leading UK property services provider TM Group
- Acquisition of leading UK provider of property search aggregation services
- Profitable business with recurring revenue streams and attractive EBITDA margin
- Strong player in long established market with high barriers to entry
Munich, July 11, 2023 – AURELIUS announces the acquisition of TM Group Limited (UK) from Dye & Durham Corporation, the Toronto Stock Exchange listed corporate (D&D). The transaction is valued at up to GBP 91 million. TM Group is a leading provider of property search aggregation services, suppling law firms with property searches, a key element of due diligence for all property purchases in the UK. The transaction has received approval from the United Kingdom’s Competition and Markets Authority. Closing is expected to occur in August 2023.
TM Group has an established presence within the UK property market, providing search aggregation services which are a key component of the UK conveyancing process. Searches supplied include Title, Local Authority, Water & Drainage and Environmental. Many searches are mandatory in any conveyancing process and all searches are charged by solicitors as a disbursement cost within the property buying process in the UK. The company has achieved a leading market position. TM Group generated revenues of GBP 62 million in 2022.
“This is a great opportunity for AURELIUS to invest in the UK property services space, in a strong platform for steady growth. TM Group’s services are essential to the UK conveyancing process, providing the business with a good level of demand within a market with high barriers to entry. We see a number of compelling opportunities to build on TM Group’s well established market position and look forward to bringing our operational expertise to partner with the incumbent management team. This corporate carve-out transaction from Dye & Durham is further evidence of our deliverability in a challenging M&A market”, stated Tristan Nagler, Partner at AURELIUS.
AURELIUS was advised on the transaction by Rothschild (Corporate Finance), Travers Smith (Legal), CIL (Commercial) and KPMG (Financial).