Land registry carveout – Fund buy-side

Caplitica built the buy-side model for a $2.6B land titles business undergoing privatisation. The model’s structure was adopted by the main consortium party post-sale, becoming a key tool for financial analysis, valuation, and decision-making.

I.

Context

A government-owned land registry was undergoing privatisation, attracting interest from infrastructure funds and private equity firms. The acquisition involved complex revenue streams, including transactional fees, property and macroeconomic linked drivers, and new product lines. The client required a detailed buy-side model that could handle multiple financing structures, quantify cost savings, and evaluate the value-add potential of new revenue lines. Existing models were fragmented, inconsistent, and not robust enough for rigorous investment committee review.

II.

What we delivered

  • Designed a multi-layered buy-side model integrating debt optimisation, equity tranches, and value-add service lines to enhance valuation.
  • Built dynamic financing structures, testing senior debt, shareholder loans, and unique funding arrangements to identify the optimal capital stack.
  • Conducted cost savings analysis, mapping operational efficiencies, value-add opportunities, and recurring revenue potential across various scenarios.
  • Delivered tailored investment and sub-investment committee packs, including visuals, scenario outputs, and decision-ready summaries.
  • Developed multiple debt and equity structures to support transaction planning, sensitivity testing, and stress scenarios.
  • Provided valuation analysis that incorporated political, regulatory, and market risk adjustments to refine the bid strategy.
  • Created a comprehensive outputs dashboard to provide quick insights for senior stakeholders and facilitate real-time adjustments.
III.

Outcome / impact

The land registry was successfully acquired with modelled cost savings achieved and integration of value-add service lines. The model became a core decision-making tool, with its structure adopted by the main consortium party post-sale to guide valuation assessments, capital structure planning, and ongoing operational strategy. The business was on track to achieve targeted value-add uplift, enhancing returns for investors.

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