The Warsaw-based vacation properties operator Renters.pl has acquired a majority stake in Bulgarian peer Flat Manager. The deal will help Flat Manager expand across Bulgaria and attract Polish tourists. The financial details were not disclosed.
- Founded in 2005 in Western Pomerania by Boris Pavlov, Renters.pl is the largest vacation property operator in CEE, with a portfolio of over 4,000 apartments. Enterprise Investors purchased a majority stake in the company in early 2023 and increased its capital, aiming to consolidate the market through acquisitions of local operators.
- Since 2018, the company has been providing its services to apartments in dozens of locations on the coast and in the larger cities. Additionally, in April 2023, Renters.pl acquired 100% shares in Rent Like Home.
- Flat Manager was founded in 2016, and manages nearly 600 apartments across 14 Bulgarian cities and resorts, primarily for short-term rentals. Kamen Manev was appointed the company’s CEO at the beginning of 2023 following the spin-off of accommodation platform Flataway.
- Flat Manager’s business travel and corporate accommodation services are utilized by international consulting, IT, and financial companies, embassies, and other organizations.
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 organizations 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,
says Kamil Kzhizhanovski, CEO director of Renters.pl.
The fresh deal is Renters.pl’s first international acquisition, as the company aims to consolidate the Central and Eastern European (CEE) market, with the support of Polish private equity fund Enterprise Investors. Flat Manager also continue to develop its services while retaining its brand and team.
