Hemnet is currently valued at about SEK10bn ($1.16bn) according to Reuters, which cited an unnamed source familiar with the matter. That is five times the SEK2bn and Sprints Capital bought the business for in 2016.
Company CEO Cecilia Beck-Friis said, “Hemnet has developed into a ‘win-win’ concept for the entire housing market by creating the best possible experience and products for our
“This has led to a strong financial development with an annual average sales growth of approximately 21% between 2018 and 2020 and an adjusted EBITDA growth of approximately 21% during the same period.”
General Atlantic owns a 60% stake in Hemnet and Sprints holds 17%, Reuters said. The company had sales of about SEK544m last year.
Chris Caulkin, managing director at General Atlantic, said, “Hemnet is unique. General Atlantic is looking for market-leading high-tech companies with high growth worldwide.
“Rarely – if ever – do we find brands and products that provide such a strong response from customers as in Hemnet’s.”
AltAssets revealed last month that General Atlantic was eyeing a hefty payday from portfolio business Alignment Healthcare through an IPO of the business at a valuation of up to $3.56bn.
General Atlantic bought into Alignment in 2014 through a $125m commitment.
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