Ropes & Gray Advises on Sale of U.K. Residential Property Management Company FirstPort to Equistone
Ropes & Gray has advised certain selling shareholders of FirstPort, a leading U.K. residential property management company, to Equistone Partners Europe Limited (“Equistone”), the European mid-market private equity investor. The financial terms of the deal are undisclosed and completion of the transaction remains subject to approval by the Financial Conduct Authority.
FirstPort manages 196,000 residential properties across more than 3,900 developments throughout the U.K. The company works with developers, investors, freeholders and over 200 Resident Management Companies to provide services to leaseholders. Under the ownership of Epiris and Chamonix, FirstPort brought in a new management team led by CEO Nigel Howell, instituted extensive improvements to customer service standards and reorganised and rebranded the company’s operations. The business employs more than 3,000 people.
The Ropes & Gray team was led by private equity partner Helen Croke, with private equity associate Kenan Ceylan.