Polish Enterprise Fund VIII (PEF VIII) – a private equity fund managed by Enterprise Investors – will invest up to PLN 90 million in Renters.pl, one of the leaders in the Polish market for managing short-term rental properties, Enterprise Investors announced. As part of the investment, PEF VIII will acquire up to 80% of Renters.pl’s shares.
The transaction is subject to approval by the Office of Competition and Consumer Protection.
“The company has proven its effectiveness in building its real estate portfolio. It has recorded growth even in a difficult pandemic period for the industry. The Polish short-term rental market is still highly fragmented, and the companies operating in it – in order to remain competitive and grow – need increasingly complex technological solutions, adequate facilities and financial resources to maintain a high level of service. This creates natural barriers to entry and an excellent environment for consolidation. Renters.pl is a great consolidation platform for this sector in Poland and the region,” said Enterprise Investors partner in charge of the investment Dariusz Prończuk.
“Renters.pl’s management team has the competence and determination necessary to build a real estate portfolio and execute consolidation projects. We are proud that the Enterprise Investors team appreciated our experience and recognized the potential for further dynamic growth. We plan to become the largest manager of short-term rental properties in Poland. I don’t rule out that in due course we will start looking for growth opportunities outside the country as well.” added Renters.pl co-founder and CEO Kamil Krzyzanowski.
Renters.pl was founded by Marta and Kamil Krzyzanowski and Aniela and Sebastian Hejnowski in 2018. The company started as a holiday apartment operator in Swinoujscie, only to expand to the entire Polish coast and major urban areas. In just a few years, Renters.pl has become one of the largest players in the market and the fastest-growing manager of short-term rental properties. In 2019. Renters.pl acquired Wojciech Maniecki’s Little Home. Today it manages more than 2,000 apartments and apartments for rent.
Enterprise Investors will buy out the shares of Aniela and Sebastian Hejnowski, Wojciech Maniecki and the bValue fund, leaving current CEO Kamil Krzyzanowski at the helm. The funds raised from the fund will be used to finance the company’s growth and acquisitions, it was also reported.
Renters.pl operates in the short-term rental management market. The company’s clients are individual and institutional real estate owners who are looking for short-term rental management solutions and high return on investment. Renters.pl’s offerings include marketing and demand generation activities, a dynamic price management process, reservation and guest stay management, cleaning, maintenance, as well as interior design and professional photography services. The company employs more than 110 people and generated total booking revenues of PLN 130 million in 2022.
Enterprise Investors is one of the largest private equity firms in Central and Eastern Europe. It has been operating since 1990 and has established nine funds. These funds have invested or committed to invest a total of €2.2 billion in 153 companies and have completed investments in 136 companies.
Source: Enterprise Investors and ISBnews
