The UK’s fastest growing tenant referencing and insurance provider has received private equity investment.
Newcastle-based Van Mildert provides a fully integrated technology solution to enable letting agents to order, track and receive tenant references at the click of a button from its lettings software. The company was established in 2009 by Christian Balshen and Richard Hammond.
Uniquely, Van Mildert’s referencing and insurance products work seamlessly through the UK’s leading software providers including Reapit, Jupix, CfP, LetMC, Dezrez, Veco, Expert Agent, Acquaint, Gnomen, VtUK, CML and Qube.
Using Van Mildert through these providers gives a fully on-line service, which can be automated at every stage whilst also enabling a letting agent to retain full control of the lettings process.
Van Mildert will carry out over 200,000 tenant references this year for letting agents and Build-to-Let funds. The client base includes many prominent brands such as Marsh & Parsons, Greene & Co, Bradleys, Romans and Mansons.
The external investment comes from a private family office, and from the principals behind another company that is active in Van Mildert’s market, Advanced Rent Ltd. Founder and Sales Director, Christian Balshen, is remaining in the business and retains a significant (and largest individual) stake in Van Mildert’s capital.
Van Mildert confirms that the investment will help support and accelerate its core objective; ensuring that its letting agent clients and software partners emerge as clear industry winners in an ever changing and challenging market.
Christian Balshen, said: “The foundations of Van Mildert, for example, the quality of our team, the partnerships with the industry’s best software providers, the client relationships, the ingrained commitment to customer service and the flexible technology based solutions, are unparalleled in this industry.
“The work we and our software partners have done, and continue to do, provides our clients with a full, cloud-based, end-to-end tenancy progression feature so they can continue to provide a great service in a challenging and changing industry.
“This coupled with the exciting investment, means we are perfectly placed to ensure that our clients and partners prevail and thrive in a market, which is constantly changing.
“Our clients do a fantastic job and lead the industry in the services, which they provide to landlords and tenants. We will continue to support them through our integrations, effective technology and good old fashioned customer service.”
Steve Simons, Director of Advanced Rent Ltd, said: “We love the Van Mildert model. Everything they do begins with the question ‘What is the most useful thing we can do for our clients?’
“They have the technical know-how, the key strategic alliances and the brilliant client base to achieve their objectives and exceed industry expectations on every level. There is an exciting and prosperous future ahead and we are delighted to be a part of it.”
Advising the Van Mildert shareholders on the transaction was Ryecroft Glenton Corporate Finance, led by partner Carl Swansbury, alongside David Nixon and Alex Simpson. Tax advice was provided by the firm’s Simon Hopwood and Charlie Burton.
Legal advice to the founders was provided by Jonathan Waters, managing partner at Newcastle-based Hay & Kilner.
The new investors in Van Mildert received financial advice from Neville Bearpark and Michael McCulloch of UNW and legal advice from Martin Hulls and Tom Pollard at Ward Hadaway.
Carl Swansbury, partner at Ryecroft Glenton Corporate Finance who advised Van Mildert said: “Attracting investment from a private equity source demonstrates the achievements of Van Mildert and its successful approach to the private rental property market. This deal will further reinforce the company’s growing position in the market and enable it to support a much larger client base.”
Jonathan Waters, managing partner at Hay & Kilner, said: “We have worked with Van Mildert for many years and were pleased to play a key role in helping the business to expand. We wish Christian and Richard every success with their future plans and are sure the business will continue to go from strength to strength.”