Proptech giant the TM Group has been bought by a big European private equity firm for an undisclosed sum.

Aurelius, which is a Luxemburg-based private equity fund with offices all over the EU as well as London, specialises in ‘acquiring companies with development potential in the mid-market’.

TM Group, which was founded in 1999 with investment from both Connells and LSL which until recently owned some 90% of its shares, has been looking for a buyer since its new owner Dye & Durham was told by the UK Competition & Markets Authority to sell it off following competition concerns.

Back then the CMA said the deal would have ‘reduced competition for the provision of property searches in England and Wales’.

The deal saw the two big estate agencies receive nearly £30 million between them.”

The Dye & Durham deal saw the two big estate agencies receive nearly £30 million between them for their holdings in the tech firm.

Despite the ongoing search for a new owner TM Group – which operates the Mio conveyancing app and website – says it has been growing its business and estate agency offerings including a Seller’s Upfront Information, Secure Data Sharing and Property DNA proposition.

Thrilled

Joe Pepper, CEO of TM Group, commented: “We are thrilled that the sale to Aurelius has now been completed, and to have secured further investment from Aurelius, a partner that shares our vision for growth and innovation.

“This collaboration will allow us to further develop and enhance our product offerings, leverage our strong brand recognition, and continue to build on our prominent property market presence.”

Tristan Nagler, Partner at Aurelius, adds: “Our investment will bring additional opportunities for TM Group to develop its innovative and market-leading product offerings at the heart of the UK property market, while also continuing to focus on outstanding client service.”