EQT has agreed to acquire Casa.it, an Italian online real estate classifieds platform, from Oakley Capital. No financial terms were disclosed.
The EQT IX fund (“EQT IX”) has agreed to acquire Casa.it (“Casa” or “the Company”) from funds advised by Oakley Capital (“Oakley”). Casa’s management team will continue to lead the Company, building on its strong track record of growth and innovation.
Founded in 1996 and headquartered in Milan, Italy, Casa is the longest running online real estate classifieds platform in Italy. Under Oakley’s ownership, since 2017, Casa has significantly expanded its customer base, now servicing over 14,000 real estate agents with over one million property listings on its website, making it a key destination for prospective homeowners and sellers in Italy.
EQT will support Casa’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 management, EQT will support Casa’s plans to further penetrate the Italian market and strengthen its position as one of the leading online real estate classifieds platforms in the region.
Bert Janssens, Partner and Global Co-Head TMT at EQT Partners and Investment Advisor to EQT IX, said: “We are impressed with Casa’s growth journey over the past few years. Luca Rossetto and his management team, together with Oakley, have done a great job developing the Company and positioning it as one of the leading online real estate classifieds platforms in Italy. EQT is looking forward to joining forces and continuing on this journey together with Casa.”
Luca Rossetto, CEO at Casa.it, said: “This step comes after a three-year period of radical change at Casa.it. Our technology platform, brand equity, skills and organization are now positioning Casa.it to be a much stronger player in the Italian market. We are very much looking forward to working with EQT on the next phase of Casa’s development. Their experience in Italy and in the online digital sector will be valuable to us as we look to continue to expand both our real estate agent customer base and service offering to property seekers in the Italian market.”
The transaction is expected to close subject to customary approvals in December 2020.
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.
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Casa.it supports approximately 14,000 real estate agents with over 1 million property listings on its website, making it a key destination for prospective homeowners and sellers in Italy.