Poland / Bulgaria: Warsaw-based short-term rental operator Renters.pl has bought a majority stake in Bulgarian peer Flat Manager.
It marks the first acquisition in the international expansion of Renters.pl, which claims to be the largest operator of vacation rentals in Central and Eastern Europe [with more than 4,000 managed properties in the CEE] and which last year secured PLN 90 million [€19.2 million] in private equity investment.
The transaction will enable Flat Manager to expand its property portfolio in Bulgaria, as well as to attract more Polish tourists and corporate clients.
The terms of the deal, which was supported by Polish private equity fund Enterprise Investors, were not disclosed.
Founded in 2016, Flat Manager manages almost 600 apartment in 14 cities and resorts across Bulgaria, with most properties rented out on a short-term basis through online travel agencies [OTAs] such as Airbnb and Booking.com. The company is seeking to further grow its property portfolio in Bulgaria and it also offers business travel and corporate accommodation services to international consulting, IT and financial businesses, as well as embassies and other organisations.
Flat Manager founder Boris Pavlov, who will remain on the board of directors at the company, said: “For these seven years, we have been able to prove that the most valuable asset of a company is its team. [We are] happy that we have found people who share this vision in the person of Renters and Enterprise Investors and with whom Flat Manager will undoubtedly reach new heights.”
Kamen Manev, who was appointed the CEO of Flat Manager at the start of 2023 following the spin-off of subscription living booking platform Flataway, said that the company would continue to develop its services while retaining its brand and team.
Manev added: “The new majority owner brings a wealth of experience and sustainable large-scale management processes that will increase our efficiency and accelerate the company’s development. At the same time, Renters will implement in Poland some of our innovative solutions and technologies, thanks to which Flat Manager has maintained its leadership position in Bulgaria since its creation until today.”
Kamil Krzyżanowski, CEO of Renters.pl, said: “With this transaction, we not only increase our portfolio, but also receive valuable know-how, experience from the Bulgarian market and fantastic partners. Our approach is based on synergies, we strive to use the good practices of both organisations without imposing our methods and operational processes.
“We believe that by combining the skills and unique experience of both companies, we will be able to create and impose future trends in our industry in the Central and Eastern Europe region,” he added.
Enterprise Investors partner Jakub Kuberski said: “This is just the beginning of Renters’ international expansion. We are already negotiating the acquisition of more companies in the market in Central and Eastern Europe. We plan to join forces with local operators on the way to building the largest platform in the short-term rental management sector in our part of Europe.”
Looking ahead, Flat Manager is also planning to spin off its Flatimo platform, which is designed to digitise brokerage services for long-term rental and real estate sales.
