Agency to use Private Equity cash to acquire rivals

My Property Box – a North East-headquartered lettings and sales agency – has struck a multi-million pound private equity deal for it to acquire other companies. 

Founded in 2012 by Ben Quaintrell, My Property Box has offices in Darlington and Newcastle, focusing lettings on the professional and student markets. I

It has made 10 acquisitions since 2019, with the aim of creating what it calls “a platform of scale in the region” and it says funds from the equity investment operation BGF “will support its ambitious ongoing buy and build strategy.”

One of BGF’s team, Richard Smith, will join the agency as non-executive chair.

Quaintrell says: “The North East lettings market remains fragmented, presenting us with opportunity to capitalise on our successful buy and build strategy.

“To execute this, we needed a long-term investment partner that shared our vision and understood the potential that exists – both in the company and in the market. In BGF, we believe we have found this and we’re looking forward to taking our growth plans to the next level with the support of a trusted investor.”

Baker adds: “My Property Box has a proven track record of executing its M&A strategy, with a clear ambition to scale at pace. It is set to build on this momentum, establishing itself as the residential lettings platform of choice across the North East. This is an exciting investment for us and we’re delighted to be joining Ben and the team on the next stage of their growth journey.”

The recent rapid expansion of another agency operation, the Lomond Group, has been largely facilitated with private equity.