A tech firm has been sold in a deal worth £72 million.
TerraQuest Solutions has been acquired by Apse Capital, a London-based private equity group specialising in investing in tech businesses in high-growth sectors.
TerraQuest is a digital, data and technology provider to the planning, infrastructure and property sectors across the UK and one its products operates the national Planning Portal which facilitates the submission of all online applications in England and Wales.
The buyout is expected to complete early next month, subject to approval from shareholders of TerraQuest’s parent company Mears Group and the Ministry of Housing, Communities and Local Government.
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TerraQuest is headquartered in Birmingham and has offices in Bristol and Belfast while Mears Group is based in Gloucester.
Managing director Geoff Keal said: “It’s fantastic that our management team is now backed by a group of highly successful investment experts.
“Their support and guidance will help us accelerate the growth and reach of the business, developing new solutions to maximise the benefits of a truly digital and fully connected land and property environment.”
Apse Capital’s managing partner Tim Green added: “We are impressed by TerraQuest’s outstanding growth to date and its talented management team who have successfully positioned the business at the heart of the UK planning sector.
“We look forward to working together to embark on the next step of the company’s growth journey and help it further digitise the land referencing and planning process.”
Mears chief executive David Miles said: “TerraQuest has been a great success story within the group.
“Through the provision of both financial and intellectual capital, we have created a leading digital and technical services provider to the planning, infrastructure and property sectors across the UK.
“This transaction secures the next stage of TerraQuest’s development and allows Mears shareholders to realise significant value from this investment.
“The disposal materially strengthens the Mears Group balance sheet and completes our strategic programme to focus on our core activities of specialist housing services to local and central government clients.”