Case Study

FRP advises Encore on PREIM acquisition

FRP’s Corporate Finance team advises property management specialist Encore on acquisition of PREIM

Published:  09 May 2022
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Written by:
Chris Adlam
Partner
Corporate Finance Norwich
Joanne Price
Director
Financial Advisory Norwich
Matt Field
Director
Corporate Finance Norwich

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 Corporate Finance team was appointed to carry out financial due diligence on PREIM – being Encore’s first acquisition since the QPE investment – as part of the company’s long-term buy and build strategy. PREIM’s expertise in working with housing developers across England, its reputation for quality and its differentiated focus on residential community engagement made it a highly attractive and natural fit with Encore.

Outcome

The successful acquisition of PREIM has boosted Encore’s portfolio of residential properties by 16,000.  The deal is both a strategic and cultural fit, with the PREIM leadership team being Encore alumni.

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