Caldey Corporate Finance is delighted to announce the sale of Atlantis Estates Ltd (“Atlantis”) to FirstPort Limited for an undisclosed sum.
The team at Caldey Corporate Finance led by Adrian Dray and Janine Vitali advised the Board and Shareholders of Atlantis. Atlantis provides a full range of property services for residential schemes acting on behalf of Landlords, Resident Management Companies (RMC & RTM) and new home developers. Atlantis are experts in all areas of service charge and ground rent with its main estates being across Southern England and Wales.
FirstPort Property Management Services Ltd is an award-winning property management and asset services business owned by Equistone, the European Private Equity firm.
Sykes Capital Ltd, the ultimate owner of Atlantis, engaged with Caldey to source appropriate acquirers who would be excited by the potential of owning Atlantis and would see the inherent value of Atlantis. As well as sourcing a number of potential acquirers, including FirstPort, Caldey also provided advice through the complexities of negotiating, structuring and formulating the deal with FirstPort. Caldey continued to support and advise through the due diligence, legal, final negotiation and completion processes.
Andrew Strong, General Counsel for Sykes Capital Ltd and Advisor to Atlantis commented “We have previous experience of selling businesses, including when we sold the Atlantis lettings business. We therefore know how to execute deals; however, we were looking for an adviser who could source the right buyer and articulate what makes Atlantis unique and different in the Property Management arena – as we do approach the business and our customers in a different way that works for our clients while delivering market leading results. Caldey sourced the buyer and through a clear presentation of the business created a deal that delivered to our high standards. Once the deal was agreed it was a pleasure working closely with Adrian through the due diligence and legal process. His sound counsel was extremely valuable to me. Adrian was particularly focused on ensuring that the key financial terms delivered the right result for Atlantis”.
Andrew added “We have achieved our objectives of finding a good buyer for Atlantis to take the business forward and we received a price we consider fully reflects the value of Atlantis – Caldey were key to achieving both of these outcomes.”
Adrian Dray commented “Acting for entrepreneurial families such as the Sykes family is the true purpose of Caldey. It has been a pleasure to work with Andrew to deliver a great result for the Sykes family and finding a good “home” for Atlantis at the same time.”
Contact information:
Adrian Dray
tel. 07711 473 237
email: [email protected]