Oakley buys Casa.it and AtHome.lu

The deal saw Oakley back the management team to carve out the businesses from parent company Rea Group and is expected to close during Q1 in 2017. According to a statement, the GP will provide a €50m equity ticket for the deal, while the remaining capital will be funded via an undisclosed debt package.

As part of the deal, the management teams will continue to head the business and the GP is keen on bolstering the companies' expansion with particular focus on key performance indicators management and marketing strategies.

The transaction follows several acquisitions across the online consumer sector for Oakley, including the acquisition of a 51% stake in German online price comparison company Verivox.de in December 2009, subsequently divested for an initial 15x money multiple and 73% IRR in June 2015. Elsewhere, Oakley purchased Italian competitor Facile.it in September 2014, and Hamburg-based dating website Parship in April 2015, which more recently saw the GP sell its controlling stake in September 2016 with a 3.6x multiple and 150% IRR.

Company
Headquartered in Milan, Casa.it was established in 1996 and develops an online advertising platform focusing on the real estate market. The company claims to be the second largest player in the Italian market.

Founded in 2001, AtHome.lu is based in Luxembourg and operates an equivalent platform for the real estate advertising market in Luxembourg and France.

The businesses generated a combined turnover of €33.3m with €6m in EBITDA for the fiscal year to June 2016, according to a statement.

People
Oakley Capital – Peter Dubens (director).
Casa.it – Luca Rossetto (CEO).
AtHome.lu – Tim Pittveils (CEO).

Advisers
Equity – Mediobanca (M&A).

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• Buyouts
• Southern Europe
• Benelux
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• Italy