InforCapital
M&A Transaction•

Apax acquires atHome as Oakley Capital seals high-return exit - InforCapital

Oakley Capital exits atHome, selling to Apax Partners with 2.3x return, solidifying Luxembourg’s leader in real estate classifieds.

AM
Alvaro de la Maza

Partner at Aninver

Key Takeaways

  • Apax Partners acquired Oakley Capital.
  • Sector: Technology Software & Gaming.
  • Geography: Luxembourg.

Analysis

Oakley Capital, a pan-European mid-market private equity firm, has announced the sale of its stake in atHome to Apax Partners. The transaction delivers a strong exit for Oakley’s Fund III, which achieved an aggregate gross return of 2.3x MM and a 23% IRR across its investments in both Casa.it and atHome.

atHome operates Luxembourg’s leading property and automotive marketplaces, with a rapidly growing financial services offering that includes mortgages, insurance, and tax advisory. The platform supports consumers across all stages of real estate and vehicle transactions.

Oakley Capital originally acquired atHome in 2017 as part of a corporate carve-out from REA Group, which also included Casa.it, one of Italy’s major property portals. In 2020, Casa.it was sold to EQT, while Oakley sold a majority stake in atHome to Mayfair Equity Partners, retaining a minority interest. Since then, atHome has expanded its market share and cemented its leadership across classifieds in Luxembourg.

Over the last five years, atHome has evolved into a comprehensive digital ecosystem and now enjoys the highest traffic and user engagement in its sector. The platform holds a dominant position with a high proportion of exclusive listings, making it the go-to destination for both property and automotive classifieds in Luxembourg.

Peter Dubens, Co-Founder and Managing Partner at Oakley Capital, stated: “We’re pleased to see such a strong outcome for Soufiane and the atHome team. From our carve-out acquisition to our partnership with Mayfair, atHome has become a market leader and consumer champion, with a bright future ahead.”

Soufiane Saadi, CEO of atHome Group, added: “This marks an exciting milestone for our company. We thank Oakley and Mayfair for their support and are thrilled to partner with Apax, who have an exceptional track record in online marketplaces and classifieds platforms. We look forward to accelerating our innovation and growth with their backing.”

This acquisition strengthens Apax’s position in the digital classifieds space across Western Europe. In recent years, Apax has invested in similar high-growth platforms, including Spain's Idealista and France’s Expedia.fr real estate unit, reflecting a continued strategy of targeting regional leaders in property and automotive listings with digital transformation potential.