Oakley sells stake in AtHome to Mayfair

The transaction sees Mayfair acquire a majority stake alongside the existing management team led by Soufiane Saadi, while Oakley Capital's third-generation fund will retain a minority stake. Mayfair is currently investing from its £650m second-generation vehicle, which closed in January 2019.

Oakley Capital Investments, the listed vehicle that invests in Oakley's funds and co-investments, reported proceeds of £15m from the sale.

Mayfair's investment will go towards developing its services, and is intended to provide additional capital for expanding into adjacent verticals, either organically or via acquisition.

EQT Credit has provided unitranche financing to support the acquisition.

Previous funding
Oakley originally acquired AtHome in 2017 alongside Casa.it in Italy for an enterprise value of €132.6m.

The deal saw Oakley back the management team to carve out the businesses from parent company Rea Group and provide a €50m equity ticket for the deal, while the remaining capital was funded via an undisclosed debt package provided by Permira.

Company
Founded in 2001, AtHome is an online real estate classifieds company operating in Luxembourg. The company also operates the real estate and auto websites atHome.lu and Luxauto.lu, as well as AtHomeFinance.

People
Mayfair Equity Partners – Daniel Sasaki (managing partner).
Oakley Capital – Peter Dubens (managing partner).
AtHome – Soufiane Saadi (chief operating officer).

Advisers
Equity – CMS (legal).

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