ATLANTA, GA - PRIMEDIA, a premier renter resource for apartment and rental home information and listings, announced today that it has entered into an agreement with eBay Inc. to acquire its Rent.com subsidiary. Terms of the transaction were not disclosed.
PRIMEDIA’s category-leading web sites and mobile applications will be complemented by Rent.com’s successful pay-for-performance business model. The combination will provide advertiser clients a more comprehensive suite of products that deliver cost-effective and high quality leads and leases. Rent.com adds another strong brand to PRIMEDIA’s extensive apartment and rental home resources, which include the web properties ApartmentGuide.com, Rentals.com and RentalHouses.com.
“Rent.com has a strong reputation, brand awareness, history and URL,” said Charles Stubbs, PRIMEDIA President and Chief Executive Officer, who will lead the combined company. “Both Rent.com and PRIMEDIA have long track records of delivering a high-quality consumer and client experience in the marketplace.”
Stubbs continued, “The combination of our two companies will allow us to deliver a broader range of innovative products and services to our clients and more quickly expand our markets and market segments. We look forward to working with the Rent.com team that has built this great brand.”
“We are excited to be joining PRIMEDIA, a leading vertical search company in the apartment and rental housing sector,” said Bill McKnight, Rent.com General Manager. “Rent.com fits in nicely with PRIMEDIA’s mission of being the go-to resource to help people find the perfect place to live.”
The transaction is expected to close second quarter 2012 and is subject to customary closing conditions.
PRIMEDIA helps millions of consumers nationwide find apartments, houses for rent or new homes for sale through its category-leading web sites and mobile applications, including ApartmentGuide.com, Rentals.com, RentalHouses.com and NewHomeGuide.com. PRIMEDIA continues to simplify the consumer home search and drive leads that result in occupancies for property management companies, landlords, new home builders and real estate professionals. PRIMEDIA was acquired by affiliates of TPG Capital on July 13, 2011.
TPG Capital is a leading global private investment firm founded in 1992 with $49 billion of assets under management and offices in Fort Worth, San Francisco, Beijing, Chongqing, Hong Kong, Houston, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, Paris, São Paulo, Shanghai, Singapore and Tokyo. TPG Capital has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, growth investments, joint ventures and restructurings. TPG Capital seeks to invest in world-class franchises across a range of industries. Some of the firm's well known investments include Continental Airlines, Burger King, Creative Artists Agency (CAA), Hotwire, Travelocity, J.Crew, Petco and Neiman Marcus.
Rent.com is the leading pay-for-performance internet listing site (ILS) in the rental housing industry and enables renters to find a rental property online using a free, robust search tool. Rent.com allows smaller property managers to cost-effectively fill their vacancies. Prospective renters can search the site’s detailed property listings, including contact information, pricing, photos, floor plans, and virtual tours. Rent.com was founded in 2000 and was acquired by eBay in February 2005.