Four Way Joint Venture to Transform Swiss Classifieds Sector

September 1, 2021
Share this Post: 

Four companies have come together to create a new classifieds marketplace business that looks set to dominate in Switzerland. Essentially a fusion of two native Swiss classifieds operators TX Markets and Scout24 Schweiz, the joint venture will be minority-owned by 4 different companies. The 4 companies involved in the new JV are:

 

TX Group - The Zurich based media group owns over 50 brands including marketplaces Tutti and Ricardo as well as property vertical Homegate and autos vertical Car For You.

Ringier - Together with die Mobiliar, Ringier owns Swiss classifieds operator Scout24 Schweiz which operates the ImmoScout24, AutoScout24, MotoScout24, FinanceScout24 and anibis.ch platform. Ringier bought a 50% stake in the company in 2014 alongside KKR.

die Mobiliar - The oldest insurance provider in Switzerland bought out KKR's 50% stake in Scout24 Schweiz in 2016. it also bought property vertical site Flatfox in April 2021.

General Atlantic - The investment firm is coming on board to help the newly formed venture with all of its experience in the field of online classifieds (it has experience with the likes of Hemnet in Sweden and was a major shareholder in Axel Springer's classifieds operation until 2014).

TX Group AG holds 31% of the new joint venture, Ringier AG and Mobiliar each 29.5% and as a growth investor, General Atlantic holds 10%. The four shareholders each have 25% of the voting rights. 

 

Gilles Despas, who spoke about the Swiss market at the 2020 Virtual European Property Portal Watch and is currently CEO of the Scout24 Switzerland Group, will be the CEO of the joint venture while the highly experienced ex Axel Springer man Lothar Lanz will be Chairman of the new JV.

Pietro Supino, President and Publisher of the TX Group said:

“Our partnership with General Atlantic, Mobiliar and Ringier is the result of a long process. It is a big step for everyone involved, and it shows a promising, digital perspective for Switzerland as a business location in the increasingly international competition."

Mark Walder, CEO of Ringier said:

"This creates a uniquely positioned company in Switzerland. With this group, we will significantly expand our customer orientation across all business areas. Through targeted investments in innovative products and services, we will meet the requirements of our customers and users even more effectively. This shared vision drives all shareholders involved."

Michèle Rodoni, CEO of Mobiliar said:

"Thanks to our investment in Scout24 Switzerland five years ago, we gained important knowledge for the development and expansion of our own offers for everything to do with living and for SMEs. That is why it is absolutely logical for us that we are and will remain on board when one of the leading digital Swiss marketplaces is created."

The joint venture effectively ties up the Swiss real estate classifieds market with the three leading verticals and several minor sites now effectively coming under the same ownership. The competition from Axel Springer-owned Immowelt.ch is unlikely to be concerted given that Ringier and Axel Springer already operate a joint venture centred on classifieds in Eastern Europe (Ringier Axel Springer operates the likes of Morizon in Poland).

The newly formed venture will become one of the largest digital companies in Switzerland and a hint as to the motivation behind its formation was left in a press release circulated to journalists by Ringier yesterday in which international competitors with "global platforms" were mentioned.

Certainly, consolidation of brands was mentioned as a tactic to head off the advances of Facebook Marketplace in OC&C's guide to classifieds operators' new competitor that we published back in March. 

 

September 1, 2021
Since March 2020 Edmund's job has been to read about, write about, collect data on, analyse and generally know about real estate marketplaces and the companies that run them. Before that he worked at the aggregator Mitula Group (which became Lifull Connect) for five years.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Dutch Houses Netherlands
Mediahuis Shuts Dutch Portal Jaap Citing Fierce Competition

The Dutch real estate portal Jaap quietly shut down earlier this year after seeing its profits evaporate in the face...

Read More
Costar Vs Zillow Cowboys
CoStar's Homes.com May Not Need to Win Traffic Game to Out-Earn Zillow

It might be growing fast (and shouting about it) but CoStar-owned US  challenger real estate portal Homes.com is still a...

Read More
Untitled Design 10 1
Schibsted Successfully Detaches Media Business, Leaving Standalone Marketplaces Segment

The Norwegian media and marketplace operator Schibsted has had a busy month, with transactions worth approximately NOK 50 billion ($4.7...

Read More
Idealista Cinven
Private Equity Firm Cinven Takes the Lead in €3Bn Idealista Tug-Of-War

London-based, private equity firm Cinven has reportedly signed an exclusivity agreement to acquire Idealista for an estimated €3 billion. The...

Read More

Editor's Pick