FirstPort, the UK’s largest residential property manager, has 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 only remains subject to approval by the Financial Conduct Authority.
Last year FirstPort welcomed Equistone Partners Europe as its new majority investors to support its continued growth, investment in a comprehensive digital transformation programme and 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.
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.”
