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25 Sep 2020

MCF advises MML Capital and the founding shareholders on the sale of Property Information Exchange Ltd

MML Capital (“MML”) and the founding shareholders have sold 100% of Property Information Exchange Ltd (“PIE”), a leading UK cloud-based real estate due diligence platform for an enterprise value of approx. GBP 35m., to Dye & Durham Corporation (“Dye & Durham”). MCF acted as financial adviser to the sellers, having previously advised PIE on MML’s initial investment in 2017, and the subsequent acquisition of PSG Connect Ltd. 

"We are proud to have been part of PIE’s journey and expect the business to flourish under Dye & Durham’s ownership. The MCF team provided hands on support to us throughout the entire process. Even when the transaction proved challenging in terms of structure and co-ordination, MCF continued to lead all activities in an excellent and positive manner, with great tenacity throughout."

Richard Mayers

Partner, MML Capital

The Deal

The acquisition is consistent with Dye & Durham’s strategy of acquiring, integrating and operating core cloud-based technology businesses in its industry that have a deeply embedded customer basis.

The acquisition is expected to position Dye & Durham to generate more than CAD 100m revenue in its current fiscal year and unlock significant near-term synergies as well as providing a complementary network of customers.

The Target

PIE is an innovative technology company that operates under the trade name “poweredbypie” and offers cloud-based real estate due diligence products in the UK to its customers.

Founded in 2006 by David Brown, PIE has grown rapidly to become one of the largest providers of conveyancing searches and software designed to deliver better, faster, and more secure ways of working.

Client Statement

Richard Mayers, Partner, MML Capital, said: “We are proud to have been part of PIE’s journey and expect the business to flourish under Dye & Durham’s ownership. The MCF team provided hands on support to us throughout the entire process. Even when the transaction proved challenging in terms of structure and co-ordination, MCF continued to lead all activities in an excellent and positive manner, with great tenacity throughout.”

About MML Capital

MML is a leading private equity fund with offices in the UK, US, and France.  MML provides capital to private businesses for expansion, acquisitions, recapitalisations, and management buyouts, contributing up to EUR 75m as part of each bespoke investment.

About Dye & Durham

Dye & Durham Limited is a leading provider of cloud-based software and technology solutions designed to improve efficiency and increase productivity for legal and business professionals. Dye & Durham has operations in Canada and the United Kingdom and has a strong blue-chip customer base that includes law firms, financial service institutions, and government organisations.