Property Finder, the Dubai-based portal operator with a presence in the Middle East and Africa, has acquired the stake of investor BECO Capital after raising $90 million in debt financing from Francisco Partners.
BECO was the first institutional investor in Property Finder and the fund says it achieved "strong returns" as part of the deal. The buyback was supported by Property Finder's only remaining remaining investor, General Atlantic.
Michael Lahyani, CEO at Property Finder, commented on LinkedIn:
"Yesterday was a momentous day for Property Finder as we announced the acquisition of the entire stake of BECO Capital.
"This was a unique exit strategy for a VC, but we're thrilled to have returned 25x their investment.
"The financing of this acquisition by debt reinforces the management's and shareholders' faith in the sector and market.
"We would like to thank Dany Farha for his unwavering support and partnership. While our formal partnership may have come to an end, our friendship will continue."
Property Finder operates in the UAE, Saudi Arabia, Qatar, Bahrain and Egypt as well as being a majority shareholder in Turkish portal Zingat.
Online Marketplaces spoke to CEO Lahyani on the Property Portal Watch podcast earlier this year. Watch the full interview below:
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