Palamon Capital Partners’ (Palamon) portfolio company Simplify Group (Simplify) is to acquire My Home Move. The businesses will be combined under the group name Simplify to become one of the largest conveyancing services business in the UK.
My Home Move owners Smedvig Capital will continue to hold a significant minority stake in the business.
Palamon invested in Simplify Group in 2014 on the basis that regulatory changes in the UK legal services market had created a significant opportunity for scale players to form and build market share through the creation of new technology-enhanced conveyancing service delivery. Despite a period of significant market consolidation, the GBP2 billion conveyancing sector remains highly fragmented with most conveyancing work still carried out by lawyer-owned high street consumer law firms.
The combination of Simplify Group and My Home Move, two of the leading platforms in the market, has compelling strategic rationale.
In addition to giving introducers and customers access to the largest and most technologically advanced platform in the sector, the merger of Simplify Group and My Home Move will create a GBP175 million EV business. Following the transaction, David Grossman, CEO of Simplify Group will lead the Company.
David Grossman, CEO of Simplify, says: “I am incredibly excited about the future of Simplify Group and My Home Move in a partnership that brings together the best talent in the industry and creates a national leader of scale. By combining the best in technology, service and relationships from the two existing groups we will create a business that shapes the conveyancing market and makes life easier for customers, introducers and partners. Together we can simplify conveyancing for hundreds of thousands of people each year.”
Jean Bonnavion, Partner of Palamon, says: “We are delighted to have completed this transformational deal. The combination of the two leading groups creates a highly synergistic scale player with strong defensive attributes, through a highly accretive transaction for both Palamon and Smedvig. The enlarged group will combine the best of both firms to set a new service benchmark for customers and partners alike.”
Phil Arbour, Partner of Palamon, says: “The transaction creates the market-leading provider of conveyancing delivery in the UK, and we are delighted to have been able to finance the acquisition with the support of funds advised by Permira Debt Managers who provided the acquisition financing, and HSBC who will be the RCF provider and who have supported Simplify since Palamon’s original investment in 2014.”
Robert Toms, Managing Director at Smedvig Capital, says: “We are delighted to bring together My Home Move and Simplify, creating the largest conveyancing services business in the UK. The team at My Home Move have achieved a great deal in recent years, it has been a pleasure working with them. We’re excited to be part of the new combination, leveraging both businesses’ excellent teams and capabilities to enhance the strength of our offering both to partners and consumers.”
