Equistone-backed FirstPort joins forces with Mainstay in industry-leading combination
FirstPort, a leading UK residential property management company backed by Equistone Partners Europe (“Equistone”), has today announced a transaction which will see it combining with leading property and asset manager Mainstay Group.
For FirstPort and Mainstay customers, clients, employees, management and supply partners, day-to-day operations will remain unchanged. Completion of the transaction remains subject to approval by the Financial Conduct Authority.
Last year FirstPort welcomed Equistone as its new majority investor to support its continued growth and investment in a comprehensive digital transformation programme and to make further enhancements to its customer service offering. To date, FirstPort has completed two previous transactions, strengthening its team and service offerings with the acquisitions of Barratt London’s property management company, BRAM, in 2019 and Linden Homes’ property management provider, Pentland Estate Management, in 2017.
For Mainstay Group, 2019 was a significant year with the business achieving record growth, winning appointments on a number of high-profile developments and securing a national, multi-million-pound portfolio.
Tim Swales, Partner at Equistone, said: “When we first invested in FirstPort in September 2019 we were excited to be partnering with a strong management team that had a clear vision for the growth of their business. We’re pleased that, despite an uncertain economic backdrop, we have been able to support this transformative transaction for FirstPort, which will enhance its geographic footprint and service offering, as well as further strengthen its position as one of the UK’s leading residential property managers. We look forward to continuing to work with Nigel, Luke and their respective teams in order to support the continued growth and success of the combined business.”
Nigel Howell, CEO of FirstPort, commented: “We are delighted to be joining forces with Mainstay to deliver the very best property and asset management services for our customers and clients. Mainstay’s achievements and track record are impressive, and we are proud to be welcoming them into the FirstPort group. This is a great milestone for both businesses, which will see us learning from each other and working together to continue to drive the highest industry standards and realise new market opportunities.”
Luke Sanders, Group Managing Director of Mainstay, commented: “This is an exciting opportunity for the Mainstay Group to continue to deliver a market-leading service, while benefitting from the skills, expertise and efficiencies available being part of a larger group. I am very much looking forward to working with FirstPort, as the right partner for our next phase of growth and to help build on Mainstay’s achievements and successes to date.”
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