TerraQuest Solutions to be Sold to Apse Capital Limited

• Content
• Property
• 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