Proprietes-privees.com attracts several PE players ahead of first-round bids

Sagard is also in the mix, two sources added.

The French real estate online platform has attracted the attention of some US-based sponsors, two sources said. Oakley Capital, based in the UK, is also interested, one source added.

First bids for the platform, which allows property consultants to virtually sell properties across France, are due next week, according to two sources. The company is expected to generate around EUR 8m-9.5m in EBITDA in 2021, they added.

The vendor's expectations are around the EUR 200m mark, according to a fourth source. This implies an EBITDA multiple of more than 20x the 2021 EBITDA estimates. The EBITDA forecast for 2022 is in the EUR 13m-15m range, as reported.

Bidders are wondering whether Proprietes-privees.com will fetch the eye-watering EBITDA multiple of peer IAD, two sources pointed out.  In Q1 2021, Insight Partners acquired a minority stake in IAD at a 25x valuation multiple, or around EUR 1.25bn, as reported by Debtwire. "[A similar entry multiple] is not a given, as Proprietes-privees.com is not the leading player and of a way smaller size," one source said.

Alantra is advising vendor Sparring Capital on the sale, as reported. In addition to IAD, peer Immo Group was sold earlier this year and both acquisitions were part-financed via unitranche financing.

Since Sparring bought Proprietes-privees.com in 2016 (when it was generating annual revenues of EUR 15m, according to a Capital Finance report) the website has grown threefold. It posted turnover of EUR 44.6m in 2020, according to the mysweetimmo.com website.

Founded in 2006 and headquartered in Vertou, Proprietes-privees.com allows property consultants, by being entirely online, to offer lower agency fees than their counterparts based in physical real estate agencies, the website claims.

Alantra, Abénex, Sagard and Tikehau declined to comment, while Eurazeo, Oakley and Sparring did not reply to a request for comment.

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• Topics
• Buyouts
• France
• Real estate
• Technology
• Exits
• Mergermarket
• Sagard Private Equity
• Eurazeo
• Abénex Capital
• Tikehau Capital