Deutsche Invest exits Planethome to AP Capital

Kartesia also provided a €65m senior secured term loan via Kartesia Senior Opportunities I Fund, which will be used to finance the acquisition of DICP’s stake and to refinance the existing debt from Praesidian Capital.

AP and DICP originally acquired Planethome in June 2015 in a carve-out from UniCredit Bank backed by Praesidian. DICP owned one third and AP owned two thirds of the business, according to a source familiar with the situation.

During the investment period, DICP said that the company’s revenues had increased by around 100% and that the company’s profitability grew by 4.5x. The company reported profit of more than €2.2m in 2016, according to Northdata.

Follow-on financing was also provided in 2016. This came in the form of a vendor note, according to the same source. Planethome also acquired Berlin-based real estate platform 123Makler in October 2018.

DICP had not responded to a request for comment at the time of publication.

Company
Founded in 2000, Planethome is a mortgage and brokerage company for residential buyers and vendors that allows users to sell, search for and finance their properties. It has partnerships with 650 real estate brokers and 400 institutional banks and insurers, serving customers in Germany and Austria.

The company reports revenues of €100m, compared with revenues of €50.8m in 2014. It has 700 employees and is based in Munich.

People
Deutsche Invest Capital Partners – Alexander von Mellenthin (managing partner).
AP Capital Partners – Bulend Corbacioglu (managing director).
Planethome – Klaus von Rottkay (CEO).

Advisers
Equity – Ashurst (legal); Greenhill (legal); DC Advisory (corporate finance).
Mezzanine – Clifford Chance (legal).

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