Divestment of Avet Ventures in the Catalan company Nuroa

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Integral service around a transaction
BY : Diego GutiérrezMarch Wed, 2016
Investors are benefiting from the acquisitions in the classified advertising technology market. Last year we saw Cabiedes and Partners successfully sell Trovit to Japan's Next CO. We also witnessed how the sale of Milanuncios was one of the most successful divestments in the history of Spain for an entrepreneur. Now we have learned that Mitula Group has bought the Catalan company Nuroa.


Australian" Mitula buys Catalan portal Nuroa from Avet Ventures

Mitula Group, an Australian listed company, but with operational headquarters in Madrid, has bought the 100% of the Catalan company for €3M. NuroaThe "Real Estate Portal", an aggregator of real estate portal ads, which brings together all the available housing offers for sale or rent on the Internet.

The purchase has resulted in the exit of the Highgrowth Innovation fund, managed by Avet Ventures, which has allowed it to grow and to be able to add the real estate offer in the UK, Germany, Austria, France, Italy, Ireland, Switzerland, USA, Argentina, Brazil, Mexico, Chile, Australia, Peru, Colombia, Spain and Portugal.

Nuroa already sold its spin-off, Migoa, in the summer of 2015. The firm, founded in 2014, was acquired by the Catalan online company Only Apartments, which is listed on the Mercado Alternativo Bursátil (MAB).

The Mitula group is a leading operator with 74 search sites in 44 different countries in different verticals: real estate, jobs, automotive and in some countries holiday rentals. These sites are in 18 different languages and operate under the Mitula and Nestoria brands.

"In 2014 the Cabiedes and Partners fund also divested from Trovit, Mitula's main competitor to date, achieving a 'Home Run', meaning that with a single operation they recovered all the investment in the rest of the almost 40 operations they had underway," says Diego Gutierrez of Mitula. Abra-Invest.

Mitula success story of a Spanish company

Mitula went public on the Australian stock exchange last year, achieving a valuation in excess of €100M, with the aim of raising capital to continue to grow through further acquisitions of vertical aggregators and to make the company larger, bringing in more shareholders as the founders divest.

The choice of the Australian Stock Exchange was not by chance, according to Gonzalo del Pozo, CEO of Mitula Group, they chose it because of the high degree of specialisation that its investors have in the digital business and, more specifically, in the online classifieds market.

The company has made several acquisitions, including the purchase in May of its British competitor Lokku Limited.

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