O’Neill Patient purchases Conveyancing Alliance from ULS Technology
O’Neill Patient LLP (ONP) Group, a law firm specialising in conveyancing and remortgaging, has purchased Conveyancing Alliance Limited (CAL) from ULS Technology.
Notable highlights from the alliance include a cash consideration of £27.3m for CAL, which made £2.5m EBITDA in the year to 31 March 2020.
Proceeds from the sale will be used to repay all of group’s existing debt facilities leaving around £25m of pro forma cash on its balance sheet.
In addition, the group’s main operating brand post the disposal, eConveyancer, delivered around £5m of EBITDA in the year to 31 March 2020.
Following the sale of CAL, and taking into account the current level of investment in Digital Move, the group remains profitable at the EBITDA level.
ONP specialises in conveyancing services for residential and commercial sale, purchases, remortgages and lease extensions.
CAL is a broker platform that focuses specifically on the needs of successful brokers, estate agents and their clients.
CAL offers conveyancing services from a panel of leading law firms, including ONP.
It will continue to provide access to this range of law firms.
Similarly, ONP will continue to work closely with broker panel managers throughout the UK.
Andy Scaife, chief executive of ONP, said: “Conveyancing Alliance is an exciting acquisition for ONP.
“It is a great business which we intend to continue to operate as it currently does.
“I want to emphasise the importance that we place on all introducers, panel managers, brokers and estate agents.
“We have worked hard over a number of years to build close working relationships and we intend to continue to work with all of our customer partners, across the industry, to provide the same exemplary service we have become well known for.”
Mark Snape, chief executive of Conveyancing Alliance, added: “Being a part of ONP is a perfect partnership for us.
“We have very successfully worked with ONP for a number of years.
“Their approach to conveyancing and to high quality, personal service, while using market leading technology to achieve a quick turnaround mirrors our own.
“With the ambitions of the ONP Group to invest and grow, we will be able to continue to expand and enhance our services to both brokers and estate agents”