Leaders Romans Group (LRG), has acquired The Acorn Group. This group operates in South East London and Kent.
This is LRG’s largest acquisition to date and one of the largest acquisitions completed in the property industry in recent years. This acquisition is further expansion into South East London, Kent and follows earlier acquisitions of Northfields (March) and Portico (October 2021).
Acorn began trading in 1984 from a single office in Grove Park in South East London. It has since grown organically and through acquisitions into a 40-branch company. Leaders was established around the same time that Acorn began trading. The businesses have grown together over decades. The Acorn group includes the Acorn brand and MAP, Start as well Langford Russell and John Payne. They were acquired in 2002, 2012, respectively, and have continued to grow under the guidance of the Acorn team.
The majority previous owners of the company, Rob Sargent, and Alan Cornish, will now retire from operations. However, CEO Neil Louth and Lettings Director Paul Deveney will continue to be with the company, helping to deliver significant growth across all brands.
Acorn is primarily a sales and leasing agent. LRG has similar services. Acorn also offers additional services such as estate and block management, surveying, financial services, land and new homes. Acorn’s lease extension business is their most recent addition.
The Acorn Group employs 425 employees, all of whom have moved to LRG with The Acorn Group following the acquisition. They will trade under their current names due to the strength and longevity of the businesses within The Acorn Group.
Neil Louth, CEO at Acorn Group comments. “We are exceptionally proud of the growth of Acorn since we first started trading almost 40 years ago. As consumer and industry expectations change, we have witnessed significant changes in our property sector. We are excited to join LRG as industry leaders. As a forward-looking business leader, we believe we share many common values such as ambition, customer orientation and performance-driven business. This is a great cultural fit. The sale process has been a great experience from start to finish and I personally look forward to the future of The Acorn Group, particularly the next 5 years where we have ambitious plans to grow the business, along with the added resource, experience, and support as part of LRG.”
Matthew Light, Group Mergers and Acquisitions director at LRG, also adds. “This acquisition marks a significant milestone for LRG, with the backing of Platinum Equity we have set our sights on larger businesses, and this is the biggest acquisition in the group’s history. The Acorn Group story is revered, and we look forward to maintaining an ongoing relationship with the company’s founders Robert Sargent and Alan Cornish. South East London and Kent is an area that forms part of our ambitious growth strategy and will now be supported by this valued team.”
Michael Cook, Group Manager at LRG, also adds. “We have enjoyed a long-term relationship with the Acorn Management team so when the opportunity arose to acquire the business into our group, we were very excited about the opportunity to work with Neil, Paul, and the team and feel that we share a very similar cultural and entrepreneurial approach to business. We are excited by the potential of Acorn’s vast portfolio, which spans a variety of sectors. LRG will provide the backing for the team to grow its business in all areas. This can be done both organically or through acquisitions. The Acorn Group has been a prominent business across the South East of England for a long time and we are proud to have them join us so we can continue to grow together.”