ONP Group is a UK private equity firm that consists of O’Neill Patient Solicitors, Cavendish Legal Group, Grindeys Conveyancing and Conveyancing Alliance.
LSL said the capital from the sale will used to accelerate the group’s growth strategy which has a big focus on financial services.
In a notice to the London Stock Exchange, LSL said the sale followed “significant progress developing and executing a clear financial services led growth strategy”.
LMS chief executive Nick Chadbourne (pictured) said: “This investment from ONP Group represents a real vote of confidence in our ambitions to continue to lead and advance the market as an independent provider of conveyancing panel management services.
“ONP Group share our belief that technological innovation will provide the means to speed up and simplify conveyancing, and today’s news provides a real validation for the LMS team’s hard work and dedication to evolving this business in recent years.
“In buying LSL’s 50 per cent stake in LMS, we have a new dynamic to the shareholder mix with exciting times ahead. The whole team are looking forward to working with our new 50/50 joint venture partner alongside long-time shareholder, Connells Group.”
Focus on financial services
In April, Simon Embley announced he would step down as chairman to become the chief executive of a new mortgage advice firm Pivotal Growth, the result of a £200m joint venture between LSL and investors Pollen Street Capital.
At the time of the announcement, LSL said this investment in Pivotal Growth would enable the brokerage to acquire other mortgage firms which will be expected to join the Primis network, also part of the LSL group.
LSL has committed up to £33.5m and Pollen Street Capital up to £62.4m to support acquisitions. This will be supplemented by external debt finance in Pivotal Growth, with a view to an exit over three to six years.
LSL and Pollen Street Capital’s investments of £19.1m each will give them a 47.8 per cent equity share of Pivotal Growth.