Permira’s Acquisition of Majority Stake in Engel & Völkers

Renzenbrink & Partner has advised the management team of Engel & Völkers AG. Möhrle Happ Luther advised Versorgungswerk der Zahnärztekammer Berlin. Latham & Watkins advised Permira on the deal.
Milbank represented Park Square Capital, SMBC and HayFin as lenders on the financing.

Permira, the global private equity firm, announced that a company controlled by the Permira funds has agreed to acquire a majority stake in Engel & Völkers – a leading international property brokerage platform.

Following the transaction, the Völkers family and part of the management team will retain almost 40 percent of the shares in the company. Founder Christian Völkers will become Chairman of the Supervisory Board. Financial details of the transaction were not disclosed.

The investment in Engel & Völkers aligns with the Permira funds’ strategy of investing in market-leading platform businesses. The company is well positioned in its market by virtue of its unique brand and resulting access to high quality and exclusive sale mandates, while also exhibiting significant growth potential through a highly attractive value proposition to independently operating property agents. The Permira funds intend to support the company through driving the digitization of the business model and further internationalization. The envisaged transformation will, amongst other aspects, focus on enhancing the digital offering for agents and tech-enablement of internal processes spanning marketing, lead acquisition and agent recruiting.

Founded in Hamburg in 1977, Engel & Völkers has become one of the world’s most highly regarded brands in premium property brokerage. Today, more than 11,500 real estate agents across 900 locations in more than 30 countries operate independently on the Engel & Völkers platform using its world class listings base, technology, service offering and trademark.

Permira is a global private equity firm with more than 350 employees based in 15 offices spanning Europe, North America and Asia. The company advises funds with a total volume of around EUR 44 billion, having already invested EUR 10.7 billion in 40 companies across proptech, financial and business services.

The Renzenbrink & Partner team consisted of Dr Ulf Renzenbrink (Picture – Corporate/PE), Marc H. Kotyrba (Tax/PE), Dr Andreas Stoll as well as Jonas Hamm (both Corporate/PE).

The Möhrle Happ Luther team included Dr. Sebastian Bednarz (Federführung, Partner, Gesellschaftsrecht, M&A) and Thomas Rieck (Gesellschaftsrecht, M&A).

The Latham & Watkins’ team was led by Frankfurt private equity partner Oliver Felsenstein, with associate Maximilian Platzer, partner Susanne Decker, and associates Sönke Bock and Michele Maurice Stephan. Advice was also provided on IP matters by partner Susan Kempe-Müller and associate Pia Sösemann; on tax matters by Munich partner Stefan Süß and Hamburg associate Verena Seevers; on litigation matters by Frankfurt associate Alena McCorkle and Hamburg associate Jan Sowula; on data privacy matters by Frankfurt associates Wolf-Tassilo Böhm and Valentino Halim; on finance matters by London partners Fergus O’Domhnaill, Jayanthi Sadanandan and Frankfurt associate Kate Zhu; on employment matters by Munich partner Tobias Leder and associate Christian Strauß. From the Madrid office, private equity partner Ignacio Pallarés, counsel Luis Lozano, associates Marta Ortiz de Zàrate and Ori Assa provided support.

The Milbank team, that advised the lenders on the financial aspects of the transaction, was led by partners Davide Mencacci and Barbara Mayer-Trautmann and included associates Jennifer Seipelt, Daniele Sutto, David Zhu as well as transaction lawyer Silvia Lengauer.

Involved fees earner: Ori Assa – Latham & Watkins; Sönke Bock – Latham & Watkins; Wolf-Tassilo Böhm – Latham & Watkins; Susanne Decker – Latham & Watkins; Oliver Felsenstein – Latham & Watkins; Valentino Halim – Latham & Watkins; Susan Kempe-Mueller – Latham & Watkins; Tobias Leder – Latham & Watkins; Luis Manuel Lozano – Latham & Watkins; Alena McCorkle – Latham & Watkins; Marta Ortiz de Zárate – Latham & Watkins; Fergus O’Domhnaill – Latham & Watkins; Ignacio Pallares – Latham & Watkins; Maximilian Platzer – Latham & Watkins; Jayanthi Sadanandan – Latham & Watkins; Verena Seevers – Latham & Watkins; Pia Sophie Sösemann – Latham & Watkins; Michele Maurice Stephan – Latham & Watkins; Christian Strauß – Latham & Watkins; Stefan Süss – Latham & Watkins; Kate Zhu – Latham & Watkins; Silvia Lengauer – Milbank LLP; Barbara Mayer-Trautmann – Milbank LLP; Davide Mencacci – Milbank LLP; Jennifer Seipelt – Milbank LLP; Sebastian Bednarz – Möhrle Happ Luther; Thomas Rieck – Möhrle Happ Luther; Jonas Hamm – Renzenbrink & Partner; Marc Holger Kotyrba – Renzenbrink & Partner; Ulf Renzenbrink – Renzenbrink & Partner; Andreas Stoll – Renzenbrink & Partner;

Law Firms: Latham & Watkins; Milbank LLP; Möhrle Happ Luther; Renzenbrink & Partner;

Clients: Engel & Völkers AG; HayFin Capital Management; Park Square Capital, LLP; Permira; SMBC Bank EU AG; Versorgungswerk der Zahnärztekammer Berlin K.d.ö.R.;

Federica Tiefenthaler

Author: Federica Tiefenthaler