Crédit Mutuel Equity is partnering with somnOO to support the expansion of their hotel portfolio and management platform. This includes providing growth capital and allowing somnOO's management team to take a stake in the company. The new capital will be used to convert existing minority shareholdings into majority shareholdings and to make acquisitions. The aim is to become one of the top 5 European hotel owner-operators.
Using the capital of Credit Mutuel Equity, somnOO is entering the scaling phase of its model and plans to strengthen its market position, especially in Germany and Switzerland. The investment partnership with Crédit Mutuel Equity also gives somnOO access to Credit Mutuel Equity's industry experience and pan-European network, as the firm already has a stake in the hotel chains La Boutique Hotels Collection, Oletis, Onomo Hotels and Okko Hotels.
Fabienne Mazieres, Managing Director Germany and Switzerland at Credit Mutuel Equity said: "somnOO is a typical investment for us. As an entrepreneurial financial partner, we want to grow with our investments. somnOO is entering a phase of intense and dynamic growth, which we can optimally support with capital, know-how, and network. The fact that we only invest equity from the Credit Mutuel group allows us maximum flexibility, enabling us to adapt to the pace of somnOO and to the market dynamics. We were also immediately on the same wavelength on a personal and cultural level. This is very important to us, since trust in management is an essential part of our investment philosophy."
Lars Backhaus and Christian Rousseau, founders and CEOs of somnOO, said: "We are very much looking forward to working with Crédit Mutuel Equity as an anchor investor. We were not only convinced by the well-known name and solid background combined with relevant industry experience, but also by the respectful interaction and the cooperative attitude. We share the principle of equality of interests with our co-investors, which is an important cultural factor. Crédit Mutuel Equity's 'patient capital' approach also allows us to develop our business step by step, which is very important to us."
Europe Real Estate — an overview of real estate developments in European countries.
Image source - Pexels.