Property and auctions business CPBigwood has been acquired by one of the UK's fastest-growing independent groups.
Nottinghamshire-based Shepherd Direct, whose sectors include surveying, valuations, lettings, mortgages and estate agency, has bought the Birmingham-based group for an undisclosed sum.
CPBigwood's senior partner Rory Daly will remain with the business as chief executive.
He said: "This marks the next step in the evolution of CPBigwood and will further enhance our position as a major player in the auctions and residential service charge management sectors.
"The acquisition will boost not only auctions and property management but also our commercial agency, professional services and building surveying work.
"Being part of Shepherd Direct will provide a significant boost to the business and allow us to accelerate our growth plans.
"The operations of both groups overlap without competing and, by working together, we will be able to secure additional benefits and operating efficiencies.
"The financial strength, entrepreneurial prowess and logistical support provided by Shepherd Direct will enable us to develop further our already market-leading proposition as well as to continue the significant growth we have achieved in recent years."
CPBigwood was formed in 2011 when Bigwood merged with Curry & Partners with the aim of building a national property services group.
Its origins date back to 1854 and today it delivers £80 million of property auction sales per year and has more than 25,000 properties under management.
It is estimated the combined group will now generate more than £60 million turnover per year with 400 staff across offices in Birmingham, Glasgow, London, Loughborough, Southampton, Stratford-upon-Avon and the group's HQ in Chilwell near Nottingham.
Launched in 1989, Shepherd Direct's client list includes most major mortgage lenders, including a 26-year relationship with HSBC, and it currently manages more than 140,000 mortgage valuations a year, through 150 panel firms and its team of 70 employed surveyors.
The group also includes the 50-branch estate agency Century 21 UK, with franchised branches from Liverpool to Southampton, including 20 offices in and around London.
It also offers a residential lettings and management service to both institutional landlords and on an outsourced basis to independent estate agents.
Last year, it acquired a significant stake in the national mortgage broker network Stonebridge to facilitate its growth, which now has more than 400 mortgage advisers and arranges in excess of £4 billion of mortgage lending annually.
Law firm Browne Jacobson acted for Shepherd Direct on the deal.
