18.07.2018
Scout24 AG DE000A12DM80
DGAP-News: Scout24 AG acquires FINANZCHECK.de, one of the leading consumer finance platforms in Germany
DGAP-News: Scout24 AG / Key word(s): Takeover
Scout24 AG acquires FINANZCHECK.de, one of the leading consumer finance
platforms in Germany
18.07.2018 / 08:01
The issuer is solely responsible for the content of this announcement.
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Scout24 AG acquires FINANZCHECK.de, one of the leading consumer finance
platforms in Germany
* Great fit with Scout24's Consumer Services vertical and highly
complementary to Scout24's market network strategy
* Enabling Scout24 and FINANZCHECK.de to jointly connect the dots along
the car and home buyer consumer journey
* FINANZCHECK.de with high growth profile in a healthy > EUR 80 billion
German consumer loan market
Berlin / Munich / Hamburg, 18 July 2018 - Scout24 AG ("Scout24" or "the
Group"), a leading operator of digital marketplaces specializing in the real
estate and automotive sectors in Germany and other selected European
countries signed an agreement yesterday evening to acquire all shares of FFG
FINANZCHECK Finanzportale GmbH ("FINANZCHECK.de"), a German online
comparison portal for consumer loans. Scout24 agreed to acquire
FINANZCHECK.de from Acton Capital Partners, btov Partners, Highland Europe,
HarbourVest Partners and FINANZCHECK.de's Founder and CEO, and others
(collectively the "Selling Shareholders"). Closing is subject to anti-trust
approval and is expected within four to six weeks. The transaction is based
on a consideration of EUR 285 million, on a cash-free and debt-free basis.
The purchase price is paid fully in cash.
FINANZCHECK.de operates an online consumer finance platform, providing
consumers with real-time and efficient comparison of consumer loans - in
addition, the company cooperates with affiliate websites, point-of-sale
finance and partner networks in Germany through its proprietary consumer
financing technology platform. In terms of market share and market
positioning for online comparison of consumer loans, FINANZCHECK.de is a top
3 portal in Germany. Using an easy-to-use online query, credit offers and
loan-related products from all important providers on the market can be
compared within a few minutes. For enquiries on instalment, car and
rescheduling loans, loan advisors are also available upon request in
addition to online enquiries - seven days a week and free of charge.
Through this highly strategic acquisition, Scout24 teams up with a leading
player in delivering great user experience and helping users to save time
and money in finding the right consumer loan for them. It further provides
banks and finance institutions with a cost efficient and scalable way to
offer their services to loan seekers. FINANZCHECK.de has built its
successful business on a proprietary technology platform with machine
learning capabilities and API-connections ("application programming
interface") to the most relevant finance providers in Germany.
The online market for consumer loans is a strongly growing market, that
benefits both from a healthy underlying development of the > EUR 80 billion
newly issued consumer loans in Germany, as well as from an ongoing shift of
consumer loan purchasing from offline channels to online. Between 2015 and
2022, the market share of consumer loans generated through online comparison
platforms is expected to double.
FINANZCHECK.de has a proven track record of strong growth with a compounded
annual growth rate of around 35% over the past three years, resulting in
more than EUR 35 million in revenues in financial year ending December 2017.
From Q1 2015 to Q1 2018, the company more than tripled the quarterly number
of newly registered customers going through the loan application process,
and more than doubled the number of loan transactions, making up for a
brokered volume of more than EUR 3.5 billion since the company's inception
in 2012. In addition, FINANZCHECK.de has a comprehensive market coverage in
terms of relevant consumer finance providers, with more than 20 financial
institutions connected via API to its technology platform.
The acquisition of FINANZCHECK.de is an important strategic step to support
users along their consumer journey and to deliver on Scout24's purpose to
"Inspire your best decisions", being perfectly complemented by
FINANZCHECK.de's mantra of "enabling for money". The acquisition builds on
the already well-established and successful working commercial partnership
between the two companies to deliver consumer finance for car seekers on the
AutoScout24 and FinanceScout24 platforms.
Since its IPO in October 2015, Scout24 has already acquired and successfully
integrated several other businesses such as AutoTrader B.V. in the
Netherlands and Gebrauchtwagen.at in Austria, strategic fits that also added
to the Company's market-leading position. In this respect, FINANZCHECK.de
with its strong and well-established brand perfectly complements the
existing business and adds significantly to the reach and scope of the
Company's market network - which in turn will also benefit the future
development of FINANZCHECK.de.
"The acquisition of FINANZCHECK.de represents another big step into further
digitising the consumer journey within the Scout24 market network. It's a
highly complementary business for us and we are confident this strategic
step will boost top-line growth to hit the EUR 250 million mark in the
mid-term for the Consumer Services business. Next to operational synergies
and revenue contribution, we are gaining deep consumer understanding up to
the point of the transaction. Understanding consumer lifecycles and when a
consumer will start his next journey of seeking a new car or home again is a
highly valuable proprietary insight that will help us to strategically align
our offerings by building bridges to future consumer touchpoints," Gregory
Ellis, CEO of Scout24 AG, emphasising the high strategic value and leverage
of the transaction as it helps to close the gaps within the Group's coverage
of the consumer journey along the real estate and automotive value chains.
"We are happy to have Scout24 on board as our new parent company. This new
union builds on an already very good working relationship on the back of our
long-running affiliate-partnership. I am confident we will both profit from
this new partnership and that it will further bolster our already strong
growth path in the German fintech industry," said Moritz Thiele, CEO and
founder of FINANZCHECK.de.
"We aim to empower consumers in the decision of taking out a loan to finance
their purchase. For example, at the moment, there is no integrated solution
from search to transaction completion for buying a car online. By joining
forces with AutoScout24, we are able to trace another step along the
consumer journey within one single market network and offer transparent and
relevant solutions for users on one of Germany's biggest car digital market
places," said Andreas Kupke, Managing Director & COO FINANZCHECK.de.
"Investing in future growth and further capturing the full potential of our
market network were key pillars of the strategy we have communicated to the
capital markets. FINANZCHECK.de is a strong brand in the German market for
consumer finance and we believe that this acquisition fits perfectly with
our overall strategy. We would like to welcome Moritz, Andreas and the
highly talented FINANZCHECK.de team to their new home. Together, we see
significant operational synergies which will help us target additional
revenue potential along the extended real estate and automotive value
chains. For example, in the near term we can already profit from an existing
distribution channel for the business to business product for dealers,
helping them intermediate car financing to consumers in order to facilitate
the transaction," said Christian Gisy, CFO of Scout24 AG.
The Scout24 Management sees significant opportunities to enhance the growth
of the Consumer Services vertical through the addition of FINANZCHECK.de.
This will mainly be driven by providing a more integrated service on the
Scout24 platforms, thereby prolonging and enhancing the market network's
role in the consumer journey. Scout24 Management expects to realize
synergies on both the automotive and the real estate side. Initial focus
will be on expanding FINANZCHECK.de's presence on the AutoScout24 platform
and meeting more users' needs in the car buying process. Car loans are an
essential part of the car buying process, with around 40% of second hand
cars being partly or fully financed. In the future, Scout24 Management plans
to roll-out the integration also to the AutoScout24 platforms in the core
European countries. Next to strengthening the AutoScout24 platform with an
integrated car financing experience, Scout24 Management sees additional
synergies and revenue potential by leveraging its existing close
relationships with the roughly 26,000 AutoScout24 dealer partners in
Germany. AutoScout24 will be able to offer the FINANZCHECK.de's
business-to-business solution "finanzcheckPRO", helping car dealers to
provide potential car buyers with loan options and realize the desired car
purchase.
The Scout24 Group is financing the acquisition through a credit facility.
Scout24 was advised by McKinsey & Company, Inc., BDO AG
Wirtschaftsprüfungsgesellschaft, Willkie Farr & Gallagher LLP, and by Credit
Suisse (Deutschland) AG throughout the transaction. Macquarie Capital
(Europe) Limited acted as Sole Financial Advisor, Leo Schmidt-Hollburg Witte
& Frank as Legal Advisor, to FINANZCHECK.de and the Selling Shareholders.
Transaction advisory services were also provided by Ernst & Young GmbH and
EY Parthenon GmbH.
Conference Call
Today at 10 am CEST Scout24 will host a conference call and webcast for
financial analysts and investors. You may dial in using the following
numbers:
DE: +4969222229043
UK: +442030092452
USA: +18554027766
Participant PIN code: 82438614#
The webcast, as well as a replay, will be made available at:
https://webcasts.eqs.com/scout2420180718
About Scout24
With our leading digital marketplaces ImmobilienScout24 in Germany and
AutoScout24 across Europe we are inspiring people to make their best
decisions on finding a home and a car. Additional services, such as credit
information, the brokerage of relocation services or construction and car
financing, are bundled in the Scout24 Consumer Services business division.
More than 1,200 employees are working on the success of our products and
services, putting the consumers' needs first in order to create a connected
network for living and mobility. Scout24 is listed on the Frankfurt Stock
Exchange (ISIN: DE000A12DM80, G24). For further information, please visit
www.scout24.com, our Corporate Blog and Tech Blog, or follow us on Twitter
and LinkedIn.
About FINANZCHECK.de
FINANZCHECK.de, based in Hamburg, is one of Germany's leading independent,
tech-enabled consumer financing platforms that connects consumers with
product providers across any channel. The average consumer benefits from
significant interest cost savings and higher chances of getting financing,
while product providers benefit from significantly lower customer
acquisition costs.
FINANZCHECK.de is focused on becoming the no.1 consumer liquidity solution
provider through its plug-and-play infrastructure, using direct interfaces
deeply integrated into finance providers' IT infrastructure to compare >70
consumer loan products. Its end-to-end platform incorporates best-in-class
technology and customer service to cover the full life cycle from customer
acquisition to loan approval and beyond. For further information please
visit https://www.finanzcheck.de.
About Acton Capital Partners
Acton Capital Partners is a Munich-based growth venture fund for internet
companies. It focuses on startups in the fields of marketplaces, e-commerce,
e-services, digital media and SaaS. Acton invests in Europe and North
America. The team has been working together successfully for many years and
has invested in more than 70 companies since 1999. The most renowned
investments include AbeBooks, Alando, AlphaSights, Ciao, Eloquii,
Elitepartner, Etsy, HolidayCheck, HomeToGo, iwoca, Linas Matkasse, Lumas,
mytheresa.com, OnVista, windeln.de and zooplus. For further information
please visit www.actoncapital.com.
About btov Partners
btov Partners, founded in 2000, is a European venture capital firm with
offices in Berlin, Luxembourg, Munich and St. Gallen. The investment focus
is on digital and industrial technology companies. btov manages
institutional funds, partner funds, and offers private investors and family
offices access to direct investments. The company manages assets of EUR 375
million through its three divisions and examines over 3,000 investment
opportunities annually. For further information please visit www.btov.vc.
About HarbourVest Partners
HarbourVest is an independent, global private markets investment specialist
with more than 35 years of experience and more than $50 billion in assets
under management. The Firm's powerful global platform offers clients
investment opportunities through primary fund investments, secondary
investments, and direct co-investments in commingled funds or separately
managed accounts. HarbourVest has more than 400 employees, including more
than 100 investment professionals across Asia, Europe, and the Americas.
This global team has committed more than $34 billion to newly-formed funds,
completed over $19 billion in secondary purchases, and invested over $8
billion directly in operating companies. Partnering with HarbourVest,
clients have access to customized solutions, longstanding relationships,
actionable insights, and proven results. For further information please
visit https://www.harbourvest.com.
About Highland Europe
Highland Europe invests in exceptional growth-stage software and internet
companies. Active in Europe since 2003 as Highland Capital Partners and
formally launched in 2012, Highland Europe has raised over EUR1 billion and
has invested in companies such as Adjust, Bitmovin, ContentSquare,
Featurespace, GetYourGuide, Malwarebytes, MatchesFashion, NewVoiceMedia,
Nexthink, Smartly.io and WeTransfer. Highland's collective history of
investments across the US, Europe and China includes 46 IPOs and 19
billion-dollar plus companies. To learn more, visit: www.highlandeurope.com.
Scout24 Investor Relations
Britta Schmidt
Vice President Investor Relations & Controlling
Phone: +49 89 44456 3278
Email: [email protected]
Scout24 Media Relations
Jan Flaskamp
Vice President Communications & Marketing
Phone: +49 30 24301 0721
Email: [email protected]
FINANZCHECK.de Media Relations
Jenny Wiethoelter
Phone: +49 40 52476 9639
Email: [email protected]
Disclaimer:
All information contained in this document has been carefully prepared.
However, no reliance may be placed for any purposes whatsoever on the
information contained in this document or on its completeness. No
representation or warranty, express or implied, is given by or on behalf of
the Company or any of its directors, officers or employees or any other
person as to the accuracy or completeness of the information or opinions
contained in this document and no liability whatsoever is accepted by the
Company or any of its directors, officers or employees nor any other person
for any loss howsoever arising, directly or indirectly, from any use of such
information or opinions or otherwise arising in connection therewith.
The information contained in this release is subject to amendment, revision
and updating. Certain statements, beliefs and opinions in this document are
forward-looking, which reflect the Company's or, as appropriate, senior
management's current expectations and projections about future events. By
their nature, forward-looking statements involve a number of risks,
uncertainties and assumptions that could cause actual results or events to
differ materially from those expressed or implied by the forward-looking
statements. These risks, uncertainties and assumptions could adversely
affect the outcome and financial effects of the plans and events described
herein. Statements contained in this document regarding past trends or
activities should not be taken as a representation that such trends or
activities will continue in the future. The Company does not undertake any
obligation to update or revise any information contained in this press
release (including forward-looking statements), whether as a result of new
information, future events or otherwise. You should not place undue reliance
on forward-looking statements, which speak only as of the date of this
document.
Scout24 also uses alternative performance measures, not defined by IFRS, to
describe the Scout24 Group's results of operations. These should not be
viewed in isolation but treated as supplementary information. The special
items used to calculate some alternative performance measures arise from the
integration of acquired businesses, restructuring measures, impairments,
gains or losses resulting from divestitures and sales of shareholdings, and
other material expenses and income that generally do not arise in
conjunction with Scout24's ordinary business activities. Alternative
performance measures used by Scout24 are defined in the "Glossary" section
of Scout24's Annual Report 2017 which is available at
www.scout24.com/financial-reports.
Due to rounding, numbers presented throughout this statement may not add up
precisely to the totals indicated, and percentages may not precisely reflect
the absolute figures for the same reason.
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18.07.2018 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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Language: English
Company: Scout24 AG
Bothestr. 11-15
81675 Munich
Germany
Phone: +49 89 44456 - 0
Fax: +49 89 44456 - 3000
E-mail: [email protected]
Internet: www.scout24.com
ISIN: DE000A12DM80
WKN: A12DM8
Indices: MDAX
Listed: Regulated Market in Berlin, Frankfurt (Prime Standard);
Regulated Unofficial Market in Dusseldorf, Hamburg,
Hanover, Munich, Stuttgart, Tradegate Exchange; London
End of News DGAP News Service
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