LSL Property Services and Connells have acquired a stake in Legal Marketing Services and LMS Direct Conveyancing through an investment in Cybele Solutions Holdings, the parent company of LMS and LMS DC.
This is an equal share joint venture between LSL, Connells and the existing members of the management team of the LMS Group.
The LMS Group operates a conveyancing and remortgage panel management business mainly for lender clients and also provides conveyancing services.
LSL paid £672,000 for its 33.33 per cent stake. The agreement includes the option for LSL and Connells to increase their investment in the future from 33.33 per cent to 50 per cent.
As at March 31, the gross assets of the LMS Group totalled £4m and it made a pre-tax profit of £591,000 for the year.
Earlier this month, Money Marketing revealed LSL had acquired mortgage club The Mortgage Alliance from Santander.