PriestleySoundy advises Apse Capital on majority stake in TerraQuest Solutions

PriestleySoundy advised private equity house Apse Capital in connection with its acquisition, from Mears Group PLC (“Mears”), of a majority stake in TerraQuest Solutions Limited (“TerraQuest”), alongside TerraQuest Management.  Mears have retained a small minority stake.

The transaction provides a maximum valuation of the TerraQuest business of £72m (before locked box adjustments and on a cash and debt free basis).  Following approval of the transaction by Mears’ shareholders and consent from TerraQuest’s joint-venture partner, the Ministry of Housing, Communities and Local Government, the transaction closed on 9 December 2020.

TerraQuest provides a range of land and planning services to a wide range of customers, notably the National Planning Portal, which provides planning and building control application services and processes some 90 per cent. of all digital planning applications in England and Wales.

Apse Capital is a new independent European private equity group, with a focus on businesses creating, delivering, transforming and/or monetising the digital economy in Europe.  It specialises in buyout and development capital investment opportunities, partnering with high quality management teams to grow businesses, either organically or through acquisition. 

PriestleySoundy has partnered with investment professionals at Apse Capital (and at previous private equity houses) for over 25 years.

Apse Capital was also advised by Kemp Little and CMS Cameron McKenna Nabarro Olswang.  Mears were advised by Travers Smith and the TerraQuest Management were advised by Freeths.

16 December 2020