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Vacation Rentals by Owner Sold to HomeAway, Inc.
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For Immediate Release.
For more information, contact:
Scott Maierhofer, 303.592.4885 or
Barry Capoot, 303.592.4802.
Green Manning & Bunch Advises Vacation Rentals by Owner
on Its Sale to HomeAway, Inc.
DENVER —November 16, 2006— The Consumer & Retail Practice at Green Manning & Bunch, Ltd. (GMB), one of the nation’s leading middle-market investment banks, announced today the sale of US Virgin Islands-based Vacation Rentals by Owner (VRBO) to Austin, TX-based HomeAway, Inc. GMB served as VRBO’s exclusive financial advisor in the transaction.
Founded in 1995, VRBO operates VRBO.com, the market-leading online directory for rent-by-owner vacation properties in the US. VRBO.com maintains nearly 65,000 vacation rental listings worldwide and represents a significant acquisition for HomeAway. With the addition of VRBO.com, the HomeAway portfolio of vacation rental websites comprises more than 130,000 properties in nearly 100 countries.
“GMB’s team offered thorough analysis and creative solutions through the entire transaction,” commented David Clouse, president and founder of VRBO. “They managed an efficient process and kept the transaction on track to a successful close.”
“Through the VRBO transaction, HomeAway continues its consolidation of the vacation rental marketplace. VRBO is a fantastic company and represents a significant step in HomeAway’s strategy,” said Barry Capoot, director of GMB’s Consumer & Retail Practice. “We are very pleased with the success of this transaction for all parties involved.”
HomeAway secured $160 million in debt and equity financing to fund the VRBO acquisition as well as other expansion initiatives throughout the world. The financing was provided by HomeAway’s existing investors, Austin Ventures and Redpoint Ventures, and new investors including American Capital (ACAS), Institutional Venture Partners (IVP) and Trident Capital. This funding represents the largest financing of an Internet software and services company in the US in 2006, according to Standard & Poor's Capital IQ division.
Green Manning & Bunch, Ltd.
is an investment bank specializing in mergers and acquisitions, private placements of equity and debt, and strategic financial advisory services for middle market companies. GMB combines over $15 billion in transactional experience with industry specific expertise in Business Services, Construction, Consumer/Retail, Healthcare and Industrials to deliver superior results for its clients. From its headquarters in Denver and its Phoenix office, GMB is centrally located to serve clients nationwide. GMB’s corporate parent, CoBiz Inc. (Nasdaq: COBZ), is a $2.1 billion financial holding company that offers commercial banking services; trust and fiduciary services; property and casualty insurance brokerage and risk management consulting services; and employee and executive benefits consulting and wealth transfer services.
VRBO was founded in 1995 and is the largest online directory of for rent-by-owner vacation properties in the U.S. VRBO.com maintains nearly 65,000 vacation rental listings worldwide.
HomeAway maintains a portfolio of vacation rental websites including HomeAway.com (which launched in June through the acquisition and aggregation of five vacation rental sites), Holiday-Rentals.co.uk in the United Kingdom and Fewo-Direkt.de in Germany. With the addition of VRBO.com, HomeAway’s websites comprise more than 130,000 properties in nearly 100 countries.
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