Private equity firm Next Capital has announced plans to acquire 100% of Alloggio Group Limited, an Australia-based short-term rental operator, for about $41 million, pending shareholder approval.
Alloggio, Italian for “accommodation,” operates STRs in Australia and the Asia-Pacific region through three business verticals: asset management, distribution and channel management, and operations and logistics.
Formed in 2015 by founder and CEO William Creedon, Alloggio says it “has developed an in-house, scalable, cloud-based technology platform that provides an end-to-end solution for travelers and holiday property owners and managers.”
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The proposed acquisition offers “compelling value for ALO shareholders,” says Matthew Keen, independent non-executive director of Alloggio.
“After careful consideration,” Keen says, “the Independent Board Committee has concluded that the proposal is in the best interests of ALO shareholders and unanimously recommends that shareholders vote in favor of the scheme.”
The acquisition is subject to various other conditions, including an estimated five-week period of “confirmatory due diligence” and court approval.
Next Capital is an independent Australian private equity firm that provides buyout funding for small- to medium-growth businesses.