Lomond Capital, the owner of Scottish lettings and estate agents Braemore and Stonehouse, is to merge with Yorkshire firm Linley & Simpson, to create a new national estate agency group.
It will have a combined portfolio of over 22,000 properties under management, with hubs in private rental hotspots including Brighton, Edinburgh, Leeds, Manchester, Aberdeen and Birmingham.
The deal was backed by private equity firm LDC. The new group will now look to strengthen its nationwide network through acquisitions and organic growth.
All local brands will continue to operate in their respective regions.
Stuart Pender, group chief executive of Lomond Capital, said: “Market conditions in the private rental sector are well suited to continued growth through consolidation.
"We are looking to continue to consolidate regional markets, whilst at the same time enhancing the proposition the sector offers to clients, through our network of market leading regional agents.”
Will Linley, co-founder and chief executive of Linley & Simpson, will join the board as group managing director, with a focus on delivering the acquisitive growth strategy.
Nick Simpson will become chief executive of Yorkshire and Martin Elliott will become chief financial officer.
Linley said: “This transaction is a continuation of our approach to building our business while retaining our successful local approach - we are actively seeking fresh opportunities to grow within Scotland.”
Lomond Capital was established in 2010 by Stuart Pender and Roger Lane-Smith.
It now manages residential properties worth in excess of £2.75bn, sells more than £750m worth of property per annum and employs more than 325 members of staff.
