Platinum Equity in pole position for Wyndham’s European rentals business
UK: US investment firm Platinum Equity is reported to be nearing a £720 million deal to buy Wyndham Worldwide’s European vacation rental division.
The sale involves brands including Hoseasons, Cottages.com and James Villas, which have a combined 4.4 million properties on their books.
Platinum Equity is understood to have seen off a bid from CVC Capital Partners, and that Blackstone had also been considering the purchase.
Airbnb was also in the mix at one stage but it was reported that it had pulled out last month due to a “range of factors”.
Founded in 1995 by Tom Gores, Platinum Equity has $13 billion of assets under management and a portfolio of more than 30 operating companies in sectors including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications.