Encore, the UK-based residential managing agent (”RMA”), has been sold to Odevo, a portfolio company of Fidelio Capital, in a deal supported by our Corporate Finance team – providing an exit for previous investors, Queen’s Park Equity (“QPE”).
Founded in 2004, Encore is one of the UK’s largest award-winning RMAs, providing a range of estate management services properties from its UK offices across Cambridge, London, Sandhurst, Nottingham, Manchester, Bristol and Peterborough.
Our Corporate Finance team were the retained sell-side advisers to the shareholders of Encore, having originally advised the group on the investment by QPE in March 2021. The sale of Encore represents QPE’s inaugural exit from its £202m debut 2020 vintage fund and generates an initial return of 5.9x money multiple and 63% IRR, with deferred payments expected to increase this to 7.6x MMx.
With QPE’s investment and partnership, Encore has grown revenue by over 190% and EBITDA by over 250%, further developed its longstanding relationships with housing developers and built upon its track record of delivering high-quality services to its customers. In addition to strong organic growth, QPE supported the business to originate and complete three complementary add-on acquisitions, expand its nationwide footprint and invest significantly in technology and people. Today, Encore has over 230 office-based staff and around 280 onsite team members.
As part of Odevo, Encore has the opportunity to leverage its unique strengths and expertise, whilst simultaneously benefitting from the collective resources and support by Odevo in crucial areas such as technology, financial services, human resources and compliance.
For Odevo, the acquisition further strengthens its UK presence as they continue their journey to build a leading international property management group, leveraging the combined power of people and technology. Odevo now oversees the management of more than 1.5 million homes globally.
The sale of Encore to Odevo marks the fifth deal closed by the FRP Corporate Finance team in the property management sector, having notably advised on the sale of The Vegner Group for Harwood Private Equity in September 2023 and the sale of Trinity Property Group in July 2022.
