A property group which specialises in land promotion has been bought out. A majority stake in Richborough Estates has been acquired by Principal Capital Group, the London-based deal-sourcing arm of Terra Firma Capital Partners, private markets firm Partners Group and the Hands Family Office.
Richborough's current management team, led by founder and chief executive Paul Campbell, will retain a significant minority stake and continue to operate the business.
Established in 2003, Richborough works with landowners, including private individuals, companies, charities, trusts and estates departments at public sector bodies, to supply development land with consent that can easily be acquired and built upon by housebuilders.
To date, the business has made £35 million worth of infrastructure contributions across its sites and has sold land that has produced approximately 4,500 new homes.
The business has in-house planning, design, development and technical teams and is a founding member of the Land Promoters and Property Development Federation, which works with the Government, local authorities and communities to enhance the planning process and deliver new homes and communities.
Richborough, which is headquartered in Birmingham and has offices in Bristol and London, said this new investment would offer it further opportunities to pursue growth. Terms of the buyout deal, including finance and the size of the stake sold, have not been disclosed.
Mr Campbell said: "This investment is a vote of confidence in the business and I look forward to working with them to drive forward our strategy and ensure we continue to fulfil our purpose of accelerating the delivery of new homes. I want to thank all our colleagues for their hard work in helping us to reach this point and hope they are excited as I am for the next chapter in the business' expansion."
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Joe Thompson, principal at Terra Firma Capital Partners, added: "Richborough Estates is a high-quality business with an impressive track record and a name that is respected across the sector.
"We see significant growth potential within the business and are delighted to partner with Paul and the team to help them realise this ambition."
Advisers on the deal were Addleshaw Goddard, Cushman & Wakefield, Deloitte, Gateley, KPMG, Lichfields and Savills.
