Mercantile Group has sold Chestertons, one of the UK’s oldest estate agencies, to Campions Group, a subsidiary of European real estate services and technology firm Emeria.
Mercantile will retain ownership of Chestertons Global and will continue Chestertons’ non-UK operations. Emeria, which is owned by Swiss private equity firm Partners Group, is reportedly paying around £100m for the business.
Chestertons, which was established in 1805 and grew to become one of the largest property companies in the world in the 1990s, was previously bought out of receivership in 2005 by Mercantile, led by British businessman Salah Mussa.
Under Mercantile’s ownership, Chestertons UK has grown from nine branches to 30 in the UK, with the Chestertons Global brand expanding to 12 other countries.
Chestertons UK is expected to grow its revenue to £70m this year, which will be a record year for the business.
Salah Mussa, chairman of Mercantile Group, said: “In the 19 years since acquiring Chestertons, I have watched the brand grow substantially to resume its place amongst the leading names in residential property.
“This has been possible thanks to the enormous hard work and dedication of everyone at Chestertons.
“With 2023 set to be a record year for the business, it demonstrates how we have transformed from a struggling small agency into a thriving, resilient business.
“Emeria is an outstanding company with a significant global presence and one which I am confident will be able to further accelerate Chestertons’ growth and ensure the business delivers on its enormous potential. Chestertons Global will be working closely with Chestertons UK under the ownership of Campions to ensure that opportunities continue to be freely shared across all companies using the Chestertons brand.
“I would like to express my sincere gratitude to the entire Chestertons team, past and present, who have helped me build a strong brand with a unique culture. I wish them all the very best for an exciting and prosperous future ahead under Emeria’s leadership.”
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