UK / Italy: European property management company ALTIDO has announced two mergers and acquisitions with Flatty and A&A Apartments & Boats joining the brand.
It comes less than four months after ALTIDO was acquired by Italian living company DoveVivo, which ensured it emerged from the Covid pandemic with a large injection of financing under its belt and it could grow its inventory with an additional 51 properties through the combined acquisitions.
Davide Ravalli, co-founder and head of mergers and acquisitions at ALTIDO, said: “The way people are living, working and traveling has changed irreversibly since Covid and we are seeing an increased demand for short-term rental accommodation with bookings rocketing in 2022. We are very pleased to have successfully concluded our M&A deals with two innovative property management companies led by industry professionals like Alex and Federico, now managers of ALTIDO.
“We are sure they will make a big contribution to ALTIDO to scale the market quickly,” he added.
Flatty, an evolved property management company using technology to manage reservations, has a portfolio of 20 apartments divided between Milan, Liguria, and Valle d’Aosta that have now become part of ALTIDO’s inventory. Flatty’s owner, Federico Aceto will continue his career in short-term rentals with the role of retail business developer at ALTIDO.
Federico Aceto, owner of Flatty, said: “With ALTIDO’s acquisition of Flatty, I was able to realise many years of hard work and become part of an international company that is a leader in the short-term rental industry.”
A & A Apartments & Boats has a portfolio of 31 apartments located between Genoa and the Levante coast, as well as offering a boat rental service, which have also joined ALTIDO’s inventory. Owner Alex Azzini will join ALTIDO as area manager of the Levante area, within a branded office due to be opened there in June.
Alex Azzini, A&A apartments and Boats, said: “This a valuable opportunity to create synergies and take its values to a higher level and grow together with an ambitious international project.”
Following previous acquisitions in Portugal, ALTIDO has ambitious growth plans for the future and is seeking further M&A activity in all the European countries where it is present [UK, Italy and Portugal], gaining considerable interest from many companies, especially from those who manage a portfolio of up to 50 properties.
The company says that it is currently in the process of evaluating another 40 potential M&As for a total of 2,000 units that could become part of its inventory.
ALTIDO was originally launched through a merger of four European property managers in 2019, and now manages over 2,000 properties and rooms, including apartments, townhouses, hotels and serviced apartments, across the continent.
