Outsourcing giant Capita has bought niche property consultancy GL Hearn for £30m.
The deal includes £25m in cash with a deferred payment of £5m.
GL Hearn reported an operating profit of £5.8m on turnover of £31.2m in the year to 31 May.
Capita wants to capitalise on the company’s planning and development expertise.
GL Hearn employs 250 people, and has offices in London, Manchester Glasgow, Manchester, Southampton, Sunderland, Cheltenham and Bristol.
Capita chief executive Andy Parker said: “GL Hearn will be a transformative addition to Capita’s property and infrastructure business. Beyond extending and enhancing our existing real estate offer, GL Hearn’s track record and range of expertise will allow us to provide market-leading commercial, technical and strategic advice across the entire development process.”
Brian Sloggett, managing director of GL Hearn, said: “Following its acquisition by Capita, and over 90 years since it was first founded, GL Hearn has entered into an exciting new phase. It will join forces with Capita’s real estate business to generate a new and unique powerhouse in the UK property market.
“Being part of Capita will enable us to accelerate the growth potential of the GL Hearn business and build an even stronger platform for ours and Capita’s public and private sector clients.
“We are confident that our combined clients and team will derive considerable value and opportunity from this acquisition.”
Capita has been actively targeting acquisitions for its property business in the last year. It was in talks to buy consultant Malcolm Hollis in March but the deal failed to complete.
jack.sidders@estatesgazette.com
