Addleshaw Goddard has advised private equity firm Terra Firma’s Principal Capital Group on its investment in strategic land promotion business Richborough Estates.
Terra Firma's Principal Capital Group is the deal-sourcing arm of Terra Firma Capital Partners, and led the acquisition of a majority stake in Richborough, with funding from Partners Group (a leading global private markets firm) and the Hands Family Office.
Richborough Estates works with landowners, ranging from private individuals to estates departments at public sector bodies, to supply development land with planning consents that can be bought and developed by housebuilders in order to bring new homes to the market and meet local needs.
The AG team advising Terra Firma on the transaction was led by Corporate Partner John Coleman, with support from a core team comprising Graham Cross, Laura Falls, Chris England, Shoshana Hedayati and Miriam Doukhan.
John Coleman said: "We are delighted to have advised Terra Firma on their investment in Richborough Estates and their partnership with Partners Group. This investment will help drive the provision of new homes across the UK by helping Richborough grow and become the pre-eminent land promoter of choice for the industry."
Paul Campbell, Founder and Chief Executive of Richborough Estates, said: “This investment from Terra Firma’s Principal Capital Group, the Hands Family Office and Partners Group is a vote of confidence in the business and I look forward to working with them to drive forward our strategy and ensure that we continue to fulfil our purpose of accelerating the delivery of new homes. I want to thank all our colleagues for their hard work in helping us to reach this point, and hope they are excited as I am for the next chapter in the business’ expansion.”
Joe Thompson, Principal at Terra Firma Capital Partners, said: “Richborough Estates is a high-quality business with an impressive track record and a name that is respected across the sector. We see significant growth potential within the business and are delighted to partner with Paul and the team to help them realise this ambition.”