LSL Property Services

Equistone backed the management buyout by Lending Solutions (LSL) of e.surv and Your Move from Norwich Union.

e.surv is the leading business to business distributor of residential property valuations, and the largest panel manager in the UK.

VALUE CREATION

In October 2005, LSL acquired Reeds Rains estate agency to expand its estate agency division, which also comprises Your Move.  Combined, these brands now form the UK's third largest national estate agency chain with over 400 branches.  The estate agency division also offers its customers financial products such as mortgages, life and general insurance.

THE EXIT

In November 2006, the company (now renamed LSL Property Services plc) achieved a listing on the London Stock Exchange's market for listed securities.  The market capitalisation at listing was £211m.  Equistone (including funds under management) retained a 29% stake at the time of listing, which was sold down with a full exit being achieved in November 2010.  Overall returns on this successful deal exceeded 13x original investment.