Connells Group sells shareholding in TM Group
Connells Group today announces it has sold its 64.68% shareholding in property search and conveyancing services provider TM Group (UK) Limited.
The acquirer is Dye & Durham (UK) Limited, Canadian based global provider of cloud-based software and technology solutions for legal and business professionals, and the exit will generate proceeds of £58.7m for Connells Group on a cash free debt free basis.
TM Group was established in 1999, with Connells acquiring a stake in the business alongside Countrywide, and subsequently LSL. Over the years, the strategic partnership saw a first-class team of people brought together to drive further growth for the business, propelling it to become a leading distributor and producer of searches for the conveyancing profession, and develop its expanded service offering to include innovative products such as sales progression digital tool, mio.
David Livesey, Connells Group CEO and outgoing Chairman of TM Group, says: “We are proud of the business that we built and which is set for further development under the ownership of Dye & Durham. They are the ideal acquirer for TM, enabling it to evolve as part of a global operation and providing a good fit alongside the stable of specialist businesses that they are assembling. We are excited for the future of TM Group, wishing the team ongoing success, and look forward to continuing our partnership with them as customers for the long term.”