The Leading News & Information Service For The Facilities, Workplace & Built Environment Community

TerraQuest Solutions to be Sold to Apse Capital Limited

TerraQuest Solutions to be Sold to Apse Capital Limited
06 November 2020
 

Mears Group has announced that it has reached a conditional agreement with Apse Capital Limited for the sale of the entire issued share capital of TerraQuest Solutions Limited.

A newly-formed company controlled by funds advised by Apse Capital Limited, Mason Bidco Limited, will acquire the entire issued share capital of TerraQuest for a maximum valuation of £72 million, before locked box adjustments, on a cash and debt-free basis. 

Apse Capital is a London-based private equity firm that specialises in backing tech-enabled B2B information and services businesses in high-growth sectors across Europe. 

Completion of the Disposal is expected to occur in early December 2020.

 

TerraQuest and Mears Group Business Activities “Different in Kind”

 

The long-term strategy of the Mears Group is to be the UK’s most respected and trusted provider of housing solutions.

TerraQuest provides a range of land and planning services to a wide range of customers, notably the National Planning Portal which provides planning and building control application services, processing some 90 per cent. of all digital planning applications in England and Wales. TerraQuest has developed successfully and grown in profitability while under the ownership of the Mears Group. 

However, according to an official statement, the board considers that “the business activities of TerraQuest are different in kind from those provided by the Continuing Group”.

Accordingly, the Group commenced a competitive sale process, advised by KPMG. A number of counterparties submitted proposals from which the board selected Apse as providing the optimal outcome for TerraQuest and its MHCLG partner, as well as Mears Shareholders.

David Miles, Chief Executive Officer of Mears Group, commented:

“TerraQuest has been a great success story within the Mears Group. Through the provision of both financial and intellectual capital we have created a leading digital and technical services provider to the planning, infrastructure and property sectors across the UK. This transaction secures the next stage of TerraQuest’s development and allows Mears shareholders to realise significant value from this investment.”

Picture: a photograph of a Mears branded van. Image Credit: Mears Group

Article written by Ella Tansley | Published 06 November 2020

Share



Related Articles

Landsec Purchases 75% Stake in MediaCity

Landsec has acquired a majority stake in MediaCity, the 37-acre media, digital and tech hub in Salford, Greater Manchester, for £425.6 million. Indicating...

 Read Full Article
Bouygues Submits Offer for Engie’s Equans

Bouygues has submitted a binding offer to acquire Engie's facilities management and technical services arm, Equans. Reuters estimates the deal is worth 5-6 billion...

 Read Full Article
Bellrock Joins Forces With Sun European Partners

Bellrock Property & Facilities Management is to partner with Sun European Partners, LLP to accelerate future growth. Bellrock Property & Facilities Management...

 Read Full Article
CBRE Completes Majority Ownership of Turner & Townsend

CBRE has acquired a 60 per cent ownership interest in Turner & Townsend. The companies have also entered into a strategic partnership, whereby CBRE and Turner...

 Read Full Article
PTSG Acquires Neo Property Solutions

Premier Technical Services Group Ltd (PTSG) has announced the acquisition of Neo Property Solutions Limited, a highly accredited company offering passive...

 Read Full Article
Hines Acquires Property Management Firm, Helix

Hines, the international real estate firm, will take over Helix’s team of 60 property management professionals. Operating from its offices in the West End of...

 Read Full Article
Grundfos to Acquire Water Technology Company MECO

In a move aimed at strengthening its business in the global water treatment market, Grundfos is to acquire Mechanical Equipment Company. Grundfos, the...

 Read Full Article
Leadec Acquires Partners in Hygiene

Leadec, the global service specialist for factories, has acquired Partners in Hygiene, a UK-based service provider for the food industry. This move...

 Read Full Article
TEAM Software to be Acquired by WorkWave

WorkWave is to purchase TEAM Software, in a deal that's expected to close at the end of September. With the addition of TEAM Software, the provider of...

 Read Full Article
MRI Software Acquires CRM Solution Box+Dice

MRI Software is to acquire Melbourne-based Box+Dice, adding to its PropTech portfolio. The purchase is a move to help enable real estate businesses to...

 Read Full Article