The deal

Encore, the UK-based residential managing agent (”RMA”), has been sold to Odevo, a portfolio company of Fidelio Capital, in a deal supported by our Corporate Finance team – providing an exit for previous investors, Queen’s Park Equity (“QPE”).

Founded in 2004, Encore is one of the UK’s largest award-winning RMAs, providing a range of estate management services properties from its UK offices across Cambridge, London, Sandhurst, Nottingham, Manchester, Bristol and Peterborough.

Our Corporate Finance team, led by Partner Clive Hatchard, Director Richard Boyden and Associate Director Chris King, were the retained sell-side advisers to the shareholders of Encore, having originally advised the group on the investment by QPE in March 2021. The sale of Encore represents QPE’s inaugural exit from its £202m debut 2020 vintage fund and generates an initial return of 5.9x money multiple and 63% IRR, with deferred payments expected to increase this to 7.6x MMx.

With QPE’s investment and partnership, Encore has grown revenue by over 190% and EBITDA by over 250%, further developed its longstanding relationships with housing developers and built upon its track record of delivering high-quality services to its customers. In addition to strong organic growth, QPE supported the business to originate and complete three complementary add-on acquisitions, expand its nationwide footprint and invest significantly in technology and people. Today, Encore has over 230 office-based staff and around 280 onsite team members.

As part of Odevo, Encore has the opportunity to leverage its unique strengths and expertise, whilst simultaneously benefitting from the collective resources and support by Odevo in crucial areas such as technology, financial services, human resources and compliance.

For Odevo, the acquisition further strengthens its UK presence as they continue their journey to build a leading international property management group, leveraging the combined power of people and technology. Odevo now oversees the management of more than 1.5 million homes globally.

The sale of Encore to Odevo marks the fifth deal closed by the FRP Corporate Finance team in the property management sector, having notably advised on the sale of The Vegner Group for Harwood Private Equity in September 2023 and the sale of Trinity Property Group in July 2022.

Clive Hatchard, Partner at FRP Corporate Finance, said: “It has been remarkable to watch the growth of Encore over the years – from advising them through the initial investment from QPE, to supporting on acquisitions, and now the exit of QPE and sale to Odevo, we have stayed close to the team and supported their journey.

Encore is unique in its sector and a highly sought-after business, with a strong management team underpinning their success. With favourable market conditions including high levels of consolidation in the sector, the time was right for a transaction, and we are confident that Encore have found the right home with Odevo, to continue to progress their ambitious growth plans with the support of a global industry leader.”

Alison Price, QPE Investing, said: “We are delighted to have had the opportunity to partner with Joaquim, James and Jeremy. It has been a real privilege to support the business to develop through the delivery of a market leading organic growth strategy, the completing of three follow-on acquisitions, and the significant investment in people, tech enablement and processes.”

Alison continues, “It’s been a pleasure working with Clive and his team on this transaction. Given their sector experience and relationship with Encore management, they were able to support us in delivering a smooth transaction for all parties.”

Joaquim Fillola, Encore CEO, said “We’ve had an amazing journey with QPE as a collaborative partner, during which time we have been able to over-deliver on our highly ambitions growth plans, whilst maintaining an exceptionally high-level of service delivery to our customers. Thanks to QPE’s support, we have been able to invest heavily in our market-leading technology, our processes and, importantly, our people. We are hugely grateful for their support and we look forward to continuing our success in the next chapter with Odevo.”

Joaquim continues, “In Odevo we recognise a culturally aligned partner who shares our passion for providing market-leading service by combining professional, friendly people with powerful technology. We’re delighted to continue forging our unique identity and operating independently while working with Odevo to constantly enhance our service offering for our clients, customers and residents.”

Daniel Larsson, CEO of Odevo comments: “Encore has a strong reputation as a leading provider within the UK property management sector, and we are therefore delighted to welcome them to Odevo. The addition of Encore to Odevo gives us an even greater presence in the UK market as we continue to invest in innovative digital solutions and expand our services to improve customer and resident experiences.”