Construction platform BCIS secures investment. Meet the dealmakers

13 June 2022 2 min. read

The Building Cost Information Service (BCIS), a cost benchmarking and valuation platform for the construction sector, has secured investment from Lloyds Development Capital, the private equity arm of Lloyds Banking Group.

BCIS supports approximately 4,000 customers across the construction, facilities management and insurance sectors, providing access to the industry’s most comprehensive data sets on building costs and rates. Subscribers access its services through a range of online applications, publications and data licensing agreements.

The investment by the private equity group will see BCIS, which was first established as a service in 1961 by the Royal Institution of Chartered Surveyors (RICS), become an independent company.

Construction platform BCIS secures investment. Meet the dealmakers

Commenting on the transaction, James Fiske, CEO of BCIS, said: “Becoming an independent company with the backing of both LDC and RICS represents an excellent opportunity for BCIS. It means we can further develop as a critical contributor to the provision of better information about the built environment and enhance our offering for our subscribers.”

The dealmakers

The Royal Institution of Chartered Surveyors, which will continue to retain a minority shareholding in BCIS, was advised by KPMG (corporate finance and legal). The shareholders of Building Cost Information Service were advised by Shoosmiths (legal).

Buyer Lloyds Development Capital was advised by PwC (financial advisory), Graph Strategy (commercial due diligence), Addleshaw Goddard (legal).

PwC acted as lead financial adviser – with the team advising on the deal consisting of Charlotte Tracy, Dan Gallagher, Iffy Hussein and Ben Hick. PwC’s financial due diligence services were provided by Will Oxley, Kevin Barnard, Richard Dennis and James Piddington. Trevor Milne and Devon Bahnemann provided SPA advisory services.

Charlotte Tracy, Head of Yorkshire & North East Corporate Finance at PwC, said: “We are delighted to have advised Lloyds Development Capital on their investment in BCIS and look forward to seeing the business thrive with their support.”

Graph Strategy was appointed by Lloyds Development Capital Limited to conduct market research and analysis to help assess the investment opportunity and shape future growth strategy. “We are thrilled to have supported the completion of this deal,” said James Tetherton, Senior Partner at Graph Strategy.

According to Tetherton, the coming months will see more similar deals. “The built environment is full of thriving and ambitious businesses right now, particularly as the net-zero agenda and building safety regulations continue to take centre stage. With this, private equity firms have become increasingly interested in investing in this space.”