Oakley Capital sells atHome Group to Mayfair Equity Partners

Private equity investment firm Oakley Capital has agreed to sell a majority stake in Luxembourg-based atHome Group, an online classifieds and mortgage broking business, to UK-based buyout and growth capital investor Mayfair Equity Partners.
Daniel Sasaki and Soufiane Saadi

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Private equity investment firm Oakley Capital has agreed to sell a majority stake in Luxembourg-based atHome Group, an online classifieds and mortgage broking business, to UK-based buyout and growth capital investor Mayfair Equity Partners.


Under the terms of the deal, Oakley Fund III will retain a minority stake in the business. The transaction sees Mayfair acquire a majority shareholding in atHome alongside the existing management team led by chief operating officer Soufiane Saadi (pictured, right).

 

Oakley Fund III originally invested in atHome in 2017, as part of the acquisition of a portfolio of classifieds businesses, which comprised Casa.it in Italy and atHome.lu in Luxembourg. Since 2017, atHome has generated annual revenue growth of around 20 per cent, according to Mayfair Equity Partners.

 

Paul Hastings represented Oakley Capital on the deal. The Paul Hastings team included corporate partners Anu Balasubramanian and Matthew Poxon, senior associate Jamie Holdoway, and associates Giles Clifford and Hannah Lee, alongside tax partner Arun Birla, tax associates Hannah Gray and Abigail Hung, financing partner Richard Kitchen and financing associate Andrew Lowndes.


Elvinger Hoss Prussen advised on the Luxembourg law aspects of the transaction, led by corporate partner Karl Pardaens and associates Benoit Nerriec and Mathieu Robert. The management team was advised by K&L Gates, led by corporate partner James Cross.


Macquarie Capital acted as atHome’s financial advisor on the deal. CMS acted as legal counsel to Mayfair.

 

An Oakley statement said: “Under Oakley’s ownership, atHome has successfully consolidated its leading market position in its core property classifieds market, whilst expanding into mortgage broking and automotive classifieds through strategic bolt-on acquisitions. Over the three years of Oakley’s investment, atHome has increased EBITDA by over 80 per cent and its websites are among the most visited in Luxembourg.”

 

Following the transaction, Fund III will retain its stake in Casa, which, Oakley said, continues to benefit from the growth in the Italian online property classifieds sector, as well as a minority stake in atHome. 

 

Daniel Sasaki (pictured, left), managing partner at Mayfair Equity Partners, said: “Soufiane Saadi and his team have built a market leading business that caters to every stage of the property and auto lifecycle. By providing the most comprehensive platforms for both property and auto, as well as real estate agents and car dealers in Luxembourg, coupled with its specialist financial services offering, atHome is well positioned to continue its successful expansion. We look forward to working closely with both the management team and Oakley for the next phase of growth.”


Saadi said: “Consumers across the European market are seeking swift and insightful information and services. With Oakley’s support we have been able to develop a market leading business. We are delighted to count Mayfair as our newest partner to assist us as we explore new and exciting opportunities to take our business to the next level.”

Read the full Special Report: Luxembourg: Small but Mighty

With a population of only half a million, Luxembourg is one of the world’s most developed economies and a key seat of the European Union. Thanks to its strategic location at the heart of Western Europe, social and political stability, innovative and international orientation, as well as modern legal and regulatory framework, the Grand Duchy is the Eurozone’s premier private banking center and the world’s second largest fund center, attracting banks, insurance companies, investment fund promoters and specialized service providers worldwide. Both international firms and local firms need to adapt themselves to the changing landscape of legal market.
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