Lomond has announced yet another acquisition, this time expanding its presence across the south coast with by snapping up Mishon Mackay.
The five branch business of Mishon Mackay was originally established in 1987 covering Brighton, Hove and Mid Sussex and is one of Brighton’s best known agency brands operating across the lettings, sales, land and new homes sectors.
To date, Mishon Mackay boasts over 500 rental properties under management, with a 175 property sales instruction portfolio valued at an estimated £1.3m in commission value.
In addition, the Lomond brand known as Brand Vaughan - under which Mishon Mackay will operate - will also see a boost of 100 new homes across nine new-build developments in East and West Sussex with a market value of £45m.
The acquisition includes all aspects of the Mishon Mackay business - lettings, sales and land and new homes. In doing so, Brand Vaughan is set to see the number of rental properties under management increase to over 4,600.
A Lomond spokesperson says: “The acquisition of [a] reputable and established brand in Mishon Mackay is one that we’ve had on our radar for some time now and we’re delighted that it has finally come to fruition.
“… We have been long standing admirers of the Mishon Mackay business and we’re delighted to have finally reached an agreement that will combine two formidable forces in the regional property market. In doing so, we are creating a one stop shop for landlords, sellers, tenants and buyers within the region, all of whom will benefit from the staggering level of local market experience that both teams possess.”
Lomond was created from the merger of Lomond Capital and Linley & Simpson in 2021, a deal which established a business with 22,000 properties under management. It has subsequently made 55 acquisitions in three years, often heralded with a fanfare of publicity, although many of the acquired agencies have been modest in size and operating over local areas.
The company, which is heavily backed by private equity, is to be sold off according to Sky News, which claims that LDC Private Equity Investment Firm has hired bankers from Clearwater International to oversee a sale of Lomond. Sky says: “A process is expected to kick off in the coming months, and should value Lomond at well over £100m, according to industry source
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Announcing it publicly on Tuesday before telling the staff on Wednesday was a bad move …
Aaaaaaand that is why you’re one of, if not the most, disliked agents, in Brighton.
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