Letting agency signs ‘multi-million pound’ deal to fund acquisitions

The estate agency based in the north-east of England has revealed it has made a multi-million-pound investment in its business to fund further acquisitions by Irish investment firm BGF.

My real estate field was founded in 2012 by Ben Quaintrell and focuses on managing homes across the NE region from two branches in Darlington and Newcastle, servicing both the professional and student markets.

In addition to rental brokerage, the agency also conducts real estate brokerage activities throughout the region.

The company is extraordinary because, despite its relatively young age, it has already achieved ten acquisitions since 2019 to create a “platform of scale” in the region. The BGF funding will support its ambitious buy-and-build strategy. That’s when investors fund companies’ expansion through acquisitions.

BGF operates in Ireland and the UK and has invested £4 billion to date, typically investing between £2 million and £20 million in exchange for minority stakes.

“Buy and Build”

The latest transaction was led by James Baker from BGF Yorkshire & North East, who joined the board, while procurement and construction specialist Richard Smith has been appointed non-executive chairman and will also join the board.

Smith brings extensive experience scaling buy-and-build platforms across a variety of end-use sectors and will support the team in refining and executing its growth strategy.

Commenting on the agreement, Ben QuaintrellFounder and CEO (pictured above), says: “The rental market in the North East remains fragmented, which gives us the opportunity to build on our successful buy and build strategy.

“To make this happen, we needed a long-term investment partner who shares our vision and understands the potential that exists – both in the company and in the market. At BGF, we believe we have found it and we look forward to taking our growth plans to the next level with the support of a trusted investor.”