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BC Partners buys back majority stake in Foxtons

Private equity firm BC Partners has bought back a majority stake in Foxtons after ceding control of the estate agency in 2010.

According to a report in the Telegraph, the deal completed for between £55m and £75m.

BC originally purchased a controlling stake in Foxtons for £300m in 2007 but ceded control after creditors reorganised the real estate company’s debt. But the acquisition left BC nursing a large debt when the property market crashed in 2008.

The report states the transaction will result in a “paper profit” for Bank of America Corporation and Mizuho Financial Group, who exchanged £280m of debt for a 52 per cent stake during Foxtons’ restructuring.

Foxtons in the sister company of Alexander Hall, the mortgage brokerage.

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