atHome Group and Casa

Sector: Technology

Leading real estate web portals in Italy and Luxembourg

Luxembourg

Business Overview

  • atHome Group and Casa operate online property portals (web, mobile and app) connecting sellers and buyers across the real estate market in Luxembourg and Italy respectively
  • atHome Group is the #1 player in Luxembourg, whilst Casa is the #2 player in Italy, with strong brand recognition

  • The customers are predominantly real estate agents and property developers who use the relevant platform to advertise current listings.

Investment Thesis

  • atHome Group is the #1 player in Luxembourg with over 80% coverage of real estate agents, whilst Casa is the #2 player in Italy, with strong brand recognition

  • Experienced senior management team demonstrating solid operational and financial performance since being put in place in 2015/16

  • Significant equity cushion provided by Oakley Capital

  • Profitable and cash generative business with a strong deleveraging profile