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Unquote
  • Exits

Hellman & Friedman makes final exit from Scout24

  • Oscar Geen
  • Oscar Geen
  • 19 February 2018
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Hellman & Friedman has fully divested its stake in German online marketplace Scout24, joining a consortium to sell a €340m stake in the company.

The shareholders sold 9.25 million shares at approximately €36.74 per share. JP Morgan acted as bookrunner for the placement and Deutsche Telekom was also among the sellers.

The sale is a final exit for PE firm, more than two years after the company was listed on the Frankfurt Stock Exchange with a €3.2bn market cap.

Scout24 was trading at €37.02 per share by mid-morning on Monday 19 February, equating to a market cap of €3.98bn.

Previous funding
Hellman & Friedman and Blackstone acquired a 70% stake in Scout24 in November 2013 for €1.5bn, valuing the business at €2bn.

In October 2015, the company floated on the Frankfurt Stock Exchange. The IPO gave Scout24 a €3.2bn market cap, opening at €30 per share. It saw Scout24 raise €1.16bn in proceeds, issuing 38 million shares. A capital increase of 7.6 million shares contributed gross proceeds of €228m.

Blackstone divested a block of 13.6 million shares in September 2016, representing a 12.7% stake and fully exiting its holding, while Hellman & Friedman did not take part in the sale, remaining the sole shareholder of Willis Lux. 

Hellman & Friedman made a partial exit in October 2017 as part of a placement of 10 million ordinary shares at €34.10 per share. The GP reaped €327m in proceeds, while minority shareholder MEO Ord received €14m. 

Scout24

  • DEAL:

    Exit

  • LOCATION:

    Munich

  • SECTOR:

    Internet

  • FOUNDED:

    1998

  • TURNOVER:

    €353.4m (Jan-Sep 2017)

  • EBITDA:

    €185.5m (Jan-Sep 2017)

  • STAFF:

    1,135

  • VENDOR:

    Hellman & Friedman

Company
Scout24 is a digital marketplace running two platforms, ImmobilienScout24 for real estate and AutoScout24 for cars. The business is based in Munich and was founded in 1998 by Christian Mangstl and Joachim Schoss.

The company posted €353.4m in revenues for the first nine months of 2017 and a €185.5m EBITDA. The business had €646m of net financial debt as of Q3 2017 and employs 1,135 people.

People
Hellman & Friedman – Patrick Healy (deputy chairman).
Scout24 – Greg Ellis (CEO).

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