Leading law firm Roythornes Solicitors has played a major part in the successful acquisition of Larkfleet Group by global investment management firm PIMCO.
Acting for Larkfleet Group, a long-standing client of Roythornes, the strategic acquisition saw a management investment transaction completed – a unique deal within the property industry.
Led by Bhavesh Amlani, national head of real estate at Roythornes, the agreement will see the Lincolnshire-based housebuilder continue to trade under Larkfleet Homes and Allison Homes and PIMCO offer significant investment to help deliver the firm’s ambitious business strategy.
Bhavesh said: “Larkfleet Group is a well-established business and long-term client of ours, so we were delighted to be involved in securing this deal. The nature of the transaction – a management investment acquisition – is rare for the property and construction industry but will enable the housebuilder to springboard into significant growth and I look forward to seeing what they do next with PIMCO now behind them.”
John Anderson, CEO of Allison Group, will stay on to lead the company under the new ownership. He said: “The Roythornes team was fantastic from the offset and, led by Bhav, they were incredibly dedicated to getting the deal over the line. This is an exciting time for the company and with the financial backing of PIMCO we look forward to implementing our strategic plans for growth and delivering on our commitment to build 2,000 homes within the next five years across Lincolnshire, Cambridgeshire, Northamptonshire and Rutland.”
PIMCO is a California based investment management firm that provides solutions for institutions, financial professionals, and individuals worldwide. Previous Larkfleet Group owners Karl and Helen Hick sold the home building activities of the company, retaining the non-home building interests.