QPE exits Encore to deliver inaugural Fund I return of 5.9x MMx and 63% IRR

Queen’s Park Equity (“QPE”) is delighted to announce that it has exited its investment in Encore, the UK-based residential managing agent (”RMA”), to Odevo, a portfolio company of Fidelio Capital. The transaction generates an initial return of 5.9x money multiple and 63% IRR, with deferred payments expected to increase this to 7.6x MMx. The sale of Encore represents QPE’s inaugural exit from its £202m debut 2020 vintage fund, having originally backed the business and management team in March 2021.

Founded in 2004, Encore is one of the UK’s largest award-winning RMAs, providing a range of estate management services properties from its seven UK offices across Cambridge, London, Sandhurst, Nottingham, Manchester, Bristol and Peterborough.

With QPE’s investment and partnership, Encore has grown revenue by over 190% and EBITDA by over 250%, further developed its longstanding relationships with housing developers and built upon its track record of delivering high-quality services to its customers. In addition to strong organic growth, QPE supported the business to originate and complete three complementary add-on acquisitions, expand its nationwide footprint and invest significantly in technology and people.

Alison Price, QPE Investing, said: “We are delighted to have had the opportunity to partner with Joaquim, James and Jeremy. It has been a real privilege to support the business to develop through the delivery of a market leading organic growth strategy, the completing of three follow-on acquisitions, and the significant investment in people, tech enablement and processes.”

Jonny Kay, QPE Managing Partner, added: “We are immensely proud to have partnered with the Encore team. Encore exemplifies QPE’s approach to originating, partnering and driving systematic value creation initiatives alongside ambitious management teams to deliver market leading returns. We are thrilled at the outcome this inaugural exit from Fund I delivers to our investors and we look forward to seeing the company continue to thrive under its new ownership.” 

Joaquim Fillola, Encore CEO, said “We’ve had an amazing journey with QPE as a collaborative partner, during which time we have been able to over-deliver on our highly ambitions growth plans, whilst maintaining an exceptionally high-level of service delivery to our customers. Thanks to QPE’s support, we have been able to invest heavily in our market-leading technology, our processes and, importantly, our people. We are hugely grateful for their support and we look forward to continuing our success in the next chapter with Odevo.”