FirstPort

FirstPort is a leading UK residential property management services provider.

FirstPort manages over 310,000 homes across 5,600 developments in England, Wales, and Scotland. Property types under management include apartment blocks, housing estates, independent retirement living developments, large and complex mixed-use developments, build-to-rent communities and luxury apartments.

FirstPort works with developers, investors, freeholders and Resident Management Companies to provide services to leaseholders, taking responsibility for managing and coordinating the overall maintenance, health & safety standards, and estate finances for residential properties in communal settings.

VALUE CREATION

FirstPort has demonstrated strong growth, with revenue increasing from £61m in 2019 to £107m forecast for 2022 and its workforce expanding to more than 3,800 people across its offices in the UK. 

Equistone has worked alongside the management team to support the continuation of FirstPort’s consolidation strategy, which has resulted in four add-on acquisitions completed during the hold period: Mainstay Group, Chamonix Estates, Freemont Property Managers and most recently, Blenheims and Campions.

As part of its value creation strategy, Equistone has supported the build and implementation of FirstPort’s best-in-class digital transformation programme, which has improved the efficiency of its operations, enhanced its customer service offering, and underpinned FirstPort’s transition towards a digitally-led business model with a series of exciting future initiatives. It has also supported the expansion of its service offering into adjacent areas such as lettings and real estate investor services to build a diversified property services business.

THE EXIT

Equistone sold its Fund VI investment in FirstPort to Emeria, a European leader in residential real estate services.