Law firm Addleshaw Goddard has advised private equity firm LDC on its investment into cost benchmarking and valuation platform the Building Cost Information Service (BCIS).

The BCIS, which was established by the Royal Institution of Chartered Surveyors (RICS), is set to become an independent company with the investment enabling it to further invest in its technology platform and data.

BCIS supports around 4000 customers across the construction, facilities management and insurance sectors. RICS will continue to hold a minority shareholding in the company.

The AG team advising LDC, the private equity arm of Lloyds Banking Group, was led by partners Garry Elliott and Pete Wood, supported by David Parker, Victoria Kierans, Jack Irwin and Ed Warmington.

Garry Elliott said: "We have worked with LDC on a number of deals in which they ave supported cutting edge tech-based businesses such as BCIS, and it was great to work with Dan Smith and the team on this investment. This deal is a good one for all parties and will enable BCIS to enhance its services and create an even more comprehensive offering for its clients."