Monday, 21 May - London: It is announced today that funds advised by BC Partners have signed an agreement to acquire Foxtons Limited ("Foxtons") and Alexander Hall Associates Limited ("Alexander Hall"), the leading London estate agency and independent mortgage broker group (together "the Group").
Foxtons was founded by Jon Hunt in 1981, opening its first office in Notting Hill. Alexander Hall was established as an independent mortgage advisor in 1992. Today, Foxtons has grown to be London's leading estate agency group with 20 offices, 19 in London and one in Guildford, over 1,300 people and revenues in 2006 of over £100 million. Its café-style branches, its extended opening hours and its Minis are some of the visible signs of how Foxtons has changed the highly fragmented estate agency sector. All Foxtons' offices, people and processes are linked by the proprietary, computer-based operating system and unique property data base which it has built at its Chiswick head office. The result has been rapid growth and increase in market share.
The Group will continue to be run by the existing management team, led by Michael Brown, who will be appointed Chief Executive Officer upon completion of the sale.
Jon Hunt said: "Foxtons and Alexander Hall are great businesses. They have grown rapidly and have enormous further potential, because of the quality and depth of the whole employee and management team, the culture of genuine commitment to the customer and the unique operating systems and marketing database we have built. These are the reasons why I have been able to contemplate selling the business I founded and why BC Partners have decided to buy the Group. They share our vision and our commitment to its continued expansion. I am happy to hand over the reins, knowing that what we have started has a very long way still to go and that all my colleagues at Foxtons will continue to prosper."
The shareholders of Foxtons were advised by Credit Suisse and BC Partners were advised by Merrill Lynch in relation to the transaction. The transaction is subject to regulatory approval, which is expected within six weeks.
