Lomond Group has confirmed the acquisition of Scottish real estate agency DJ Alexander for an undisclosed amount.
Earlier this month, Insider reported that buyout talks were underway.
DJ Alexander will continue to operate under his current name, with founder David Alexander continuing to run the company in Scotland as Managing Director.
Insider understands that Alexander is likely to continue as CEO for the next five years. Lomond Group has appointed Andrew Seldon as Managing Director for the North and West of Scotland.
He will be responsible for the group’s activities in Glasgow and Aberdeen, reporting to David Alexander.
The deal adds 9,500 properties to Lomond’s portfolio in Scotland and strengthens its presence in the Scottish Central Belt. This is the group’s 24th acquisition this year.
Lomond Group now manages 30,000 properties across the UK.
DJ Alexander’s 104 employees will join Lomond Group, bringing the group’s total workforce to around 250 in Scotland and 1,000 in the UK.
As part of the acquisition, Lomond Group will also consolidate its Edinburgh and St. Andrews-based agency, Braemore, as well as the Edinburgh branch of its recently acquired Fineholm business, under the DJ Alexander brand.
Stuart Pender, Managing Director of Lomond Group, said: “We are delighted to integrate the brand and its people within the Lomond Group, significantly strengthening our presence in Edinburgh and Glasgow.
“The acquisition emphasizes our focus on consolidating fragmented regional markets to enhance the proposition that our industry provides to customers while maintaining a local and on-the-ground approach that brings significant benefits to owners and tenants. “
David Alexander added: “Anyone who has worked with me over the past 40 years knows how motivated and passionate I am. I thank them from the bottom of my heart for helping to establish a trusted and recognizable brand in central Scotland.
“I will bring the same motivation and passion to the Lomond Group and I look forward to playing my part in making them the UK’s number one agent. “