Paignton-based TMS Group has been acquired by property and estate management business Blenheims Estate and Asset Management.
Blenheims, which is headquartered in Devon and has offices in Bristol and London, has bought the company for an undisclosed sum following the retirement of TMS’ three founding directors.
TMS Group’s property portfolio of more than 7,500 properties mainly in the West Country complements Blenheim’ predominantly London-based portfolio.
Devon-based Isca Ventures, advised Blenheims on the transaction and NatWest Structured Finance provided debt for the transaction. Richard Hopkins from Roxburgh Milkins provided the legal advice to Blenheims.
Mike Rutland, one of the owners of Blenheims, said: “There is remarkable synergy between TMS and Blenheims and by bringing the two companies together it will give both organisations the structure and market presence to further develop the business.
Mark Champion, partner at Isca Ventures, added: “We were pleased to assist the enlarged group obtain the required funding to enable this transaction to occur and create a significant presence in residential block management sector.”