Bluebox advises on the sale of Conveyancing Alliance

Bluebox Corporate Finance is delighted to announce the sale of Conveyancing Alliance Holdings (CAL), a leading provider of B2B online platforms for the UK conveyancing and financial intermediary markets, to AIM listed ULS Technology PLC (AIM: ULS). ULS has acquired the business for an initial cash consideration of £7.2m, plus an earn-out until 31 March 2019 of up to a maximum total consideration of £12.5m.

CAL offers an online platform for estate agents, mortgage brokers and other intermediaries to offer their clients a conveyancing solution. CAL operates under three separate and distinct brands, “Conveyancing Alliance” and “Agency Convey”, targeted at the estate agency sector and “Broker Conveyancing”, targeted at the mortgage broker sector. CAL has a strong track record of revenue and profit growth.

ULS has identified CAL’s technology platform as a means of complementing and supporting the Company’s core strategy and objectives. As well as new growth opportunities, the acquisition significantly increases the Company’s share of the conveyancing market and in particular, the estate agency market, where CAL has historically been the dominant player.

Harpal Singh, Managing Director of CAL commented: “The advice offered by the Bluebox team throughout the process was invaluable to the shareholders. We strongly believe that participating in Bluebox’s pre-sale planning programme was a significant driver behind the success of the deal. Their project management and negotiation skills throughout the sale process itself resulted in an exceptional deal being delivered to all parties involved.”

Jonathan Rich, Director of Bluebox commented: “This deal is another great example of how we at Bluebox go to great lengths to ensure we find the right buyer and negotiate the right deal structure for our clients. Both CAL and ULS offer each other differing yet complementary strengths and this acquisition adds value for everyone involved. We wish the team continued success under their new ownership.”

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