Tikehau, Abénex in exclusivity for Proprietes-privees

Indicative bids were due mid-December, as reported by Unquote  sister publication Mergermarket, but the sale accelerated towards the end of the year with the Abénex-Tikehau consortium and Montefiore in the running, two of the sources said.

The transaction will allow the company's management to increase its stake and become the majority shareholder, while Abénex and Tikehau would hold a minority, one source added.

The company was valued at around EUR 200m, which is in line with the vendor's price expectations, according to one source. The company was expected to generate around EUR 8m-9.5m in EBITDA in 2021, while EBITDA predictions for 2022 were in the EUR 13m-15m bracket.

Other bidders eyeing the business ahead of the first round were French private equity firms Eurazeo and Sagard, UK-based sponsor Oakley Capital, and some US sponsors. Alantra is advising vendor Sparring Capital on the sale.

Sparring bought Proprietes-privees.com in 2016, when it reportedly generated annual revenues of EUR 15m. The business has since grown threefold, posting turnover of EUR 44.6m in 2020, according to mysweetimmo.com.

The business recently made an add-on of the French auction online platform Mizapri, according to the mysweetimmo.com report.

Founded in 2006 and headquartered in Vertou, Proprietes-privees.com allows property consultants to offer lower agency fees online than their counterparts based in physical real estate agencies, according to the website. The proprieties listed are all in France.

Abénex, Tikehau and Alantra declined to comment. Montefiore and Sparring did not reply to a request for comment.

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• Topics
• Exits
• Buyouts
• France
• Consumer
• Technology
• Tikehau Capital
• Abénex Capital
• Sparring Capital (formerly Pragma Capital)
• Montefiore Investment
• Eurazeo
• Sagard Private Equity
• Oakley Capital
• France