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Bellrock buys service charge and insurance management business

24 May 2017

Supplier of service charge and insurance management Profile Consultancy has been purchased by estate management provider Bellrock for an undisclosed sum in a deal announced yesterday.

Profile Consultancy currently manages around £250m of services charges per annum, with the majority of clients mostly consisting of blue chip retail and leisure businesses.

Combined with last year's acquisition of Property Solutions, Bellrock has positioned itself as the leading independent specialist provider for tenant agreement services.

The latest purchase follows five others in 2016, Bellrock's latest acquisition is its biggest investment to date.

It was funded through a combination of support from Lyceum Capital and debt-backed finances.

Profile Consultancy shareholders received advice from accountancy and business advisory company BDO about the purchase.

BDO head of FM and M&A managing director Satvir Bungar said the Profile Consultancy management team had "developed a unique proposition in a competitive service charge marketplace".

He also described the "real commercial synergy" between the two companies.

"Bellrock is moving at a fast pace, expanding organically and through targeted acquisitions and this significant investment is yet another great deal," said Mr Bungar.

He further stated the sale is the latest in a series of transactions showing the strategic importance of technology in FM.

Legal advice was provided by Shakespeare Martineau partner Adam McGiveron and Emma Bryant to the Profile Consultancy shareholders about its acquisition.

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