Sandstone UK Property Management Solutions, the Edinburgh-based business set up former Scottish newspaper executive Peter Grant, has been bought by lettings and estate agency DJ Alexander.
The deal adds a further 2,000 properties, mainly held by ex-patriate clients in 40 countries, to the DJ Alexander portfolio.
It has revenue in excess of £100m and the number of properties under management is more than 45,000.
Sandstone was set up by Mr Grant in 2020 as a vehicle to handle all aspects of portfolio creation and asset management.
Mr Grant, now based in Utah, established Grant Property 25 years ago and said it was time to move on to something else.
“I’m proud of what we’ve built and know that we hand it to the DJ Alexander and Lomond team in good shape for the next stage of Sandstone’s journey.
“It’s in great hands and I look forward to watching the business that I’ve loved evolve and grow further under its new management.”
David Alexander, chief executive of DJ Alexander, said: “As we near 60 acquisitions as a group, this latest transaction is close to my heart as it complements our Scotland expansion in particular. Adding some 2,000 properties under management powers us to become a market leader north of the Border – and we’re not done yet.
“We are on a mission and have a strong appetite for further transactions, and will always be on the lookout for high-quality businesses as we seek to scale and professionalise the sales and lettings sector further in the future.”
Ed Phillips, chief executive of Lomond, said: “I’m delighted to welcome the teams at Sandstone as the latest addition to the Lomond family.
“As you can see from our relentless activity, we are set on growing to become the ultimate leader in property agency businesses in the UK and the largest acquirer. We have the resources and the team to do so at pace.”
He claimed “no one else in the UK property sector” matches Lomond’s “ambition or capability”.
