EQT ACQUIRES IDEALISTA, THE LEADING ONLINE REAL ESTATE CLASSIFIELDS PLATFORM IN SOUTHERN EUROPE. APAX EXITS.
- EQT IX to acquire idealista, the leading online real estate classifieds platform in Southern Europe, present in Spain, Italy, and Portugal
- idealista’s underlying market is supported by favorable secular megatrends, such as the increasing shift from offline to online marketing spend, as well as significant network effects driven by the platform’s strong brand recognition
- Private equity firm EQT will, together with idealista’s founders and management team, support idealista’s continued growth momentum and further penetration of existing markets, by leveraging EQT’s strong digital and sector expertise, “local with locals” approach, and extensive advisory network
The EQT IX fund (“EQT IX”) has agreed to acquire idealista (“the Company”) at a transaction price of EUR 1.3 billion from funds advised by Apax Partners and management. Management will re-invest significantly into the Company while EQT IX will have majority ownership. idealista’s management team, including founder and CEO Jesús Encinar, will continue to lead the Company, building on its strong track record of growth and innovation.
Founded in 2000 and headquartered in Madrid, Spain, idealista supports approximately 40,000 real estate agents and 38 million unique monthly visitors across Southern Europe by providing an online real estate classifieds marketplace for home buyers and sellers. The Company’s online platform and diversified portfolio of digital services, such as CRM tools, data analytics, and online mortgage brokerage, help enable efficient real estate transactions, making it a key destination for prospective homeowners and sellers in Spain, Italy, and Portugal.
EQT IX will support idealista’s growth and continued pursuit of commercial excellence by investing in the Company’s online platform and further developing its portfolio of value-add services for real estate agents. Moreover, the Company is expected to leverage EQT’s inhouse digital and tech expertise, global presence, and network of advisors. Together with its founders and management, EQT will support idealista’s plans to further penetrate its core markets and strengthen its position as the market leading and go-to platform for online real estate classifieds in Southern Europe.
Bert Janssens, Partner and Global Co-Head TMT at EQT Partners and Investment Advisor to EQT IX, said: “idealista represents a truly thematic investment, within one of EQT’s core sub-sectors. This investment fits strongly with EQT’s focus of investing in high growth companies and partnering with world class management teams. We are impressed by the market leading position idealista has built over the past 20 years and EQT is excited to support idealista and its entrepreneurial management team in this next stage of growth.”
Carlos Santana, Managing Director and Head of EQT Private Equity in Spain at EQT Partners, and Investment Advisor to EQT IX, concluded: “EQT believes that idealista has the potential to grow at an accelerated pace. Together with Jesús and the management team, EQT will support further expansion within idealista’s core markets and consolidate its leadership position in Southern Europe. The investment in idealista further demonstrates EQT’s commitment to pursue investment opportunities in the region.”
Jesús Encinar, CEO at idealista, said: “We are very excited to partner with EQT and look forward to working together during the coming years. EQT’s online classifieds and real estate expertise, local presence in Spain and Italy, and extensive network of advisors will be of great value for us and key to our future success. idealista and EQT share a similar culture and passion for growth, a key decision factor for me and my team to partner with them.”
In line with the commitment to invest in sustainable businesses, EQT will accelerate idealista’s growth as it supports local and industry technological innovation by leveraging its role as a key intermediary in the real estate transactions value chain. By supporting real estate agents’ transition from offline to online and enabling efficient transaction between prospective homeowners and sellers, idealista contributes primarily to the Sustainable Development Goal 11.
The transaction is expected to close subject to customary approvals in December 2020. PwC, Allen & Overy, and Freshfields served as advisors to EQT, while Evercore served as advisor to Apax and idealista.
With this transaction, EQT IX is expected to be 10-15 percent invested, based on its target fund size.
EQT is a differentiated global investment organization with more than EUR 62 billion in raised capital and around EUR 40 billion in assets under management across 19 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
idealista supports approximately 40,000 real estate agents and 38 million unique monthly visitors across Southern Europe, by providing an online real estate classifieds marketplace for home buyers and sellers.
Nuevos informes y series de datos: El Capital riesgo Informal en España 2020 / Informe de Impacto Económico y Social del Capital Privado en las operaciones de Middle Market en España. 2018 (ASCRI) / Informe de Impacto Económico y Social de los préstamos otorgados por Enisa
Otros informes destacados: Madurez del Venture Capital en España. (English version)/ Financiación de startups de Energía en España / El tiempo de las desinversiones en Private Equity en España (English version)