Hines Associates (“Hines”) acted as exclusive financial adviser to Lonsdale Capital Partners (“Lonsdale”), the management team and other shareholders on the sale of Charles Cameron & Associates (“CC&A”) to Socium Group. Lonsdale is a private equity firm focused on the lower mid-market and the sale has produced a 2.5x return, and 43% IRR, on Lonsdale’s 2019 investment.
CC&A is a leading London-based mortgage broker. Founded in 2004, it offers mortgage advice services to individuals via the Employee Benefits and HR teams of c. 200 blue chip companies, helping to provide financial education and support employees’ financial wellbeing. It now has more than 90 mortgage and protection advisers, completing over 700 mortgages every month. In the twelve months to April 2021, CC&A completed in excess of £3.1bn in mortgages for its clients.
Hines’ advice to the shareholders of CC&A included: (1) analysis of the business’ operating model and, resulting from that, advice on optimising value; (2) assistance in positioning the business with a highly differentiated distribution strategy resulting in defendable, above-market growth; (3) advice on sale strategy and tactics; 4) negotiations with interested parties; and (5) advice on the terms of the transaction.
David Gasparro, Partner of Lonsdale Capital, said: “We have greatly enjoyed working with the team at CC&A and would like to take the opportunity to acknowledge the successful growth and expansion that they have achieved during our ownership. We wish the team continued success within the Socium Group.”
He added: “We chose to work with Hines because of their expertise in the financial services sector. They were very committed throughout the transaction, and helped to ensure solid preparation, value optimisation, and smooth execution of the transaction. Their senior adviser model meant they were able to provide invaluable advice on sale strategy and tactics at the important junctures.”
Simon Nimmo, Founder and CEO of CC&A, said: “We always strive for customer service excellence, delivering quality mortgage education and advice from the most experienced and professional advisers in the industry. It was a pleasure to work with the Hines team. They provided great support and allowed us to get on with our day job. We are looking forward to joining the Socium Group of companies and continuing to grow CC&A and provide the best service for new and current partners.”