General Atlantic backs Hemnet in SEK 2bn EV deal

The deal values Hemnet at around SEK 2bn, according to a press release. Swedenbank-owned Fastighetsbyrån will sell its 42% stake in the company, returning SEK 650m of profit to the bank.

The GP is joined by online marketplace investors Pierre Siri and Henrik Persson, who committed capital alongside backers of the duo's investment vehicle Merro, acquiring a minority stake.

Following the capital injection, Hemnet's investor base will include the above, as well as existing backers, Swedish real estate broker associations Fastighetsmäklarförbundet and Mäklarsamfundet.

A spokesperson for General Atlantic declined to provide any financial details of the transaction.

Company
Hemnet is a Swedish online property marketplace, based in Stockholm.

Founded in 1998, the site claims to have published 220,000 property listings in 2015.

According to publicly available information, the company employed 44 people in the 2015 financial year, generating SEK 182m of revenue and SEK 46.5m of earnings.

People
General Atlantic – Chris Caulkin (principal).

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