“We are delighted to have gained such a strong partner in Permira who, in addition to many years of expertise, has an excellent track record in the tech sector,” says Sven Odia, CEO of Engel & Völkers AG. “We expect commission revenues to exceed 1 billion euros by the end of the year, generated by over 11,500 real estate agents writing their own success story under the Engel & Völkers brand. The company's excellent brand reputation and our leading tech and services platform form the foundation for their success. Our impressive growth trajectory is the ideal time to set the course for an even stronger future, to develop new strategies and to further expand the brand’s potential, especially in the tech-operated business.”
Engel & Völkers Group wins global investment firm Permira as investor
The global investment firm Permira will become the new majority shareholder of Engel & Völkers. The company has signed a contractual agreement with the Permira funds. Completion of the transaction is expected in the fourth quarter of this year. The Management Board of Engel & Völkers will remain unchanged with Sven Odia as CEO and Christian Völkers as Chairman of the Advisory Board which will in future include Dr. Jörg Rockenhäuser, Managing Partner DACH at Permira, and David Brückmann, Principal.
Founded in Hamburg in 1977, Engel & Völkers has become one of the world’s most highly regarded addresses for the brokerage of premium property. More than 14,500 people currently work under the Engel & Völkers brand, at 900 locations in 30 countries, and make use of the Engel & Völkers platform. They profit from outstanding sales mandates, digital tools, and a comprehensive range of services, as well as one of the most renowned brands in the real estate sector worldwide. The shareholding acquired by the Permira Funds is set to drive forward the pioneering innovation strategies and longterm plans of the Engel & Völkers Group. Besides strong ongoing growth in the Group’s core markets, expansion will see market entries into other countries including the UK, and digitalisation will be greatly intensified to secure the company’s position as a leading tech-enabled brokerage.
Permira is an international growth investor which has been successfully investing in market-leading platforms with transformation potential for over 35 years – often together with the founding families. As one of the world’s largest investors in the tech sector, the investment firm supports the management of companies looking to accelerate growth through intensified digitalisation and further internationalisation. In Germany, the Permira funds have, among other investments, helped facilitate the successful IPO of the software company TeamViewer, hold the majority stake in the off-price retailer BestSecret, and are invested in the payment provider Klarna.
“Christian Völkers, Sven Odia and the entire team at Engel & Völkers have built one of the most renowned brands and platforms in property brokerage. Some of the best property agents in the world operate under the brand. We are excited to support this family-run business together with Christian Völkers and the management team in this digital transformation journey and further accelerate growth through leveraging our proven expertise in digitalising successful businesses. We see considerable opportunities to broaden the ecosystem around Engel & Völkers significantly in today’s digital world and open up new areas for growth this way,” says Dr. Jörg Rockenhäuser, Managing Partner DACH at Permira.
“Our clear aim is to keep developing the company at all times. For more than 40 years now, strengthening our brand and driving innovation in property brokerage have remained my top priorities. Together with Permira, we can build further on the positioning of Engel & Völkers as an industry pioneer and as a digital frontrunner. We look forward to a successful future full of unlocked potential to achieve a great deal together,” says Christian Völkers, Founder of Engel & Völkers.