Permira acquires control of Engel & Völkers. The British private equity firm has announced the purchase of a majority stake (60%) of the international real estate brokerage platform. The investment is aimed at supporting the growth of the Company through the digitization of the business model pushing on internationalization (USA, Canada and United Kingdom). Closing of the transaction is subject to customary closing conditions and is expected in the fourth quarter.
In detail, the Volkers family and part of the management team will maintain almost 40% of the company's shares and founder Christian Völkers will become Chairman of the Supervisory Board. Financial details of the transaction were not disclosed but the planned transformation will focus on improving thedigital offer for agents and the technology enablement of internal processes spanning marketing, lead acquisition and agent recruitment.
Founded in Hamburg 44 years ago, Engel & Völkers has become one of the most respected brands in the world in its sector. Today, beyond 11.500 real estate agents in 900 locations in more than 30 countries operate independently on the Engel & Völkers platform using its world-class directory base, technology, service offering and brand.
The investment in Engel & Völkers aligns with the Permira funds' strategy of investing in market-leading platform companies. The firm is well positioned in its market and also shows significant growth potential through a highly attractive value proposition for independent estate agents. The Permira funds intend to support the company through the digitization of the business model and further internationalisation.
Dr. Jörg Rockenhäuser, Managing Partner DACH at Permira, said: “Christian, Sven and their team have built one of the most renowned brands and platforms in real estate brokerage. We are excited to support Engel & Völkers on this digital transformation journey and further accelerate growth by leveraging our proven experience in digitizing successful companies. The company has an opportunity to significantly expand its ecosystem in a more direct and digital world.”
“Our main objective is to continue developing the company and drive innovation at all times – he commented Christian Volkers, founder of Engel & Völkers -. Together with Permira, we can further strengthen Engel & Völkers' positioning as a global pioneer in the industry, and I will be able to implement my vision for digitization. We are confident that we will write our next chapter in the success story and look forward to a strong future together.”
