In a notable corporate transaction, Oakley Capital, a prominent European mid-market private equity investor, has divested its stake in atHome, a leading property and automotive marketplace operating in Luxembourg, to Apax Partners. This strategic move not only reflects Oakley’s successful investment journey but also highlights the growing interest in digital platforms within the real estate sector.
**Transaction Details**: The financial specifics surrounding the deal indicate that Oakley’s fund has achieved aggregate gross returns of 2.3 times the money invested (MM) and an internal rate of return (IRR) of approximately 23% across its investments in atHome and its Italian counterpart, Casa.it. Oakley originally acquired atHome in 2017 as part of a carve-out from REA Group, which simultaneously included Casa.it. In 2020, atHome was sold to Mayfair Equity Partners, with Oakley retaining a minority stake.
**Strategic Rationale**: The sale to Apax Partners comes at a time when atHome has significantly broadened its operational scope, particularly by expanding into adjacent financial services, including mortgages, insurance, and tax-related offerings. This diversification not only enhances atHome’s market position but also aligns with the strategic interests of Apax Partners, which seeks to invest in businesses with potential for growth and innovation.
**Timeline and Next Steps**: While the filing does not specify an exact closing date for the transaction, it is expected to proceed smoothly given the established market presence of both firms. Following the completion of this deal, stakeholders can anticipate further developments as Apax Partners integrates atHome into its portfolio, leveraging synergies across its investments.
**Market Impact**: For shareholders, this transaction signifies a pivotal moment, as Oakley realizes substantial returns from its investment. Employees at atHome could also see positive implications from the new ownership, potentially accessing greater resources and support from Apax Partners to drive growth. On a broader scale, this acquisition underscores the increasing competitiveness of digital marketplaces in the real estate sector, likely attracting further interest from investors.
**Regulatory Considerations**: The filing does not mention any specific regulatory hurdles expected in closing this deal. However, given the nature of private equity transactions, standard antitrust reviews may apply, which could impact the timeline for finalizing the acquisition.
In summary, Oakley Capital’s divestiture of its stake in atHome to Apax Partners not only reflects a successful exit strategy but also positions atHome for continued growth in a dynamic and evolving marketplace.