Financial and tax due diligence advisers to Encore Property Management Group on the acquisition of PREIM Ltd

Encore acquires residential managing agent PREIM

Background

Based in Cambridge, Encore Property Management Group is an award-winning residential managing agent, providing a range of estate management services to more than 27,000 properties across the UK. FRP’s team advised Encore on a management buyout (MBO) of the business, backed by Queen’s Park Equity (QPE), in 2021. When the company identified Peterborough-based residential managing agent PREIM as a potential acquisition target, it once again engaged FRP.

Action

Our multidisciplinary team, led by Financial Advisory Director, Joanne Price and supported by Corporate Finance Partner, Chris Adlam and Director Matt Field, acted as lead financial and tax due diligence advisers on the acquisition. The deal represents Encore’s first acquisition since QPE backed a management buyout in March 2021 and its fifth acquisition since it was founded in 2004.

Outcome

Joaquim Fillola, CEO of Encore, said: “PREIM has a fantastic reputation and track record with long-standing client partnerships. The business is a great strategic and cultural fit, with the PREIM leadership team being Encore alumni. We look forward to working together as we strive to be the most professional managing agent in the country, providing our clients with the best service.”

Alison Price, QPE added: “We are delighted to welcome PREIM into the Encore group. PREIM’s expertise in working with housing developers across England, its reputation for quality and its differentiated focus on residential community engagement make PREIM a highly attractive and natural fit with Encore.”

Chris Adlam, Partner at FRP Corporate Finance, said: “The residential management market remains fragmented and managing agents are entering an exciting period of consolidation, with buy and build strategies like Encore’s representing a flight to quality. It was a privilege to advise on the initial investment last year and likewise it’s even more exciting to now support Encore in making such a significant first acquisition with QPE supporting and powering its growth.”