Cavendish advises new home buying service Spring on private equity investment
Cavendish Corporate Finance, a UK mid-market M&A firm, has advised Spring, a new home buying service, on securing private equity investment to support its growth strategy via circa GBP300 million in annual home buying capacity.
Spring acts as the property purchaser, giving home sellers speed, certainty and confidence in the sale of their residential property. Spring actively supports both agents and property developers with sales and part exchange programmes, particularly during challenging market conditions. Spring takes a unique and bespoke approach to partnerships – whether acting as a full PX provider with end to end support or as a consultant that can advise on funding, customer experience and marketing.
The funding secured through this process provides Spring with an unrivalled ability to deliver transactions quickly, enabling partners and customers to reap the benefits. The funding is believed to be the highest in the UK for this type of business.
Cormac Henderson, CEO of Spring, says: “We are delighted to have secured this transformational funding. The open market does not serve everyone and the funding enables us to provide a choice to many more sellers. We would also like to thank Jon, Ben, Steph for their efforts – they provided invaluable advice and hands-on support throughout the process, providing us with a trusted advisor that saw the transaction through to completion.”
Jon Edirmanasinghe, Partner at Cavendish Corporate Finance, says: “We are thrilled to have advised the Spring team on their fundraise and to have found an ideal funding partner for the business. It quickly became apparent to us that Cormac, Shane and Samar were an impressive team on the verge of something special. The secured funding now enables the business to scale and continue disrupting the UK’s residential housing market with a customer-centric solution. We look forward to seeing Spring’s continued success.”
Ben Goldring, Director at Cavendish Corporate Finance, says: “It was a privilege to have worked with the shareholders and management of Spring. The business is now very well set up to execute its strategy and vision in the UK property market and we wish the team every success in the future.”