By Scott Wright
THE family investment firm of outgoing Stagecoach chairman Sir Brian Souter has sold its controlling stake in OneSearch Direct, a provider of property information and conveyancing solutions to solicitors in England and Wales.
The exit comes with the sale of OneSearch to Landmark Information Group, which is owned by Daily Mail and General Trust. Souter Investments had been an investor in the business since 2007. Details on the value of the sale were not disclosed.
The sale of OneSearch, which was led by managing director Liz Jarvis, chairman Marcus Noble and finance director Stuart Mitchell, comes after a report published by Souter Investments in October declared it grown the value of its portfolio by nine per cent since its formation in 2007.
The report noted that the firm had made 10 investments, in sectors such as oil and gas, financial services and technology, since its previous triennial review in 2016, while making several exits. These included Falkirk-based bus manufacturer Alexander Dennis, which was sold to NFI Group, North America’s biggest bus and coach manufacturer, for £320m in May this year.
Calum Cusiter, investment director at Souter Investments, said: “Souter Investments would like to place on record its gratitude for the hard work and commitment of the staff and management of OneSearch in helping to realise this successful exit after 12 years of our involvement. I believe that the combination of OneSearch and Landmark will help accelerate the exciting growth plans that are being already being delivered by Liz and the team. The sale of OneSearch caps the end to a busy 2019 for Souter Investments during which we have realised several investments, including Alexander Dennis, Mobius Life and our two New Zealand bus businesses, Howick & Eastern Buses and Mana Coach Services. “
Sir Brian announced last week that he will step down as chairman of Stagecoach at the end of the year.
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