MCF was adviser to owners of StayAt Hotel apartments in disposal to Forenom
MCF advised the owners of StayAt, Sweden’s leading hotel apartment brand, in their disposal to Forenom, a provider of highly versatile corporate housing solutions in the Nordic countries. Forenom acquires the entire business of StayAt, including a total of 700 accommodation units in Stockholm, Malmö and Lund. MCF acted as financial adviser to the owners of StayAt in the transaction, from start to completion. The success of the transaction was facilitated by MCF’s profound knowledge of the Nordic region.
The Deal
Both Forenom and StayAt are specialised in providing alternatives to traditional hotel accommodation by offering serviced and hotel apartments for business customers e.g. in consultancy and research-intensive industries. In addition, Forenom has a strong foothold in accommodating project workers in the manufacturing and construction industries. By acquiring StayAt HotelApart AB in Sweden, Forenom completes its fifth acquisition within 12 months in line with its expansion strategy to become Northern Europe’s strongest corporate housing provider. The current transaction comprises a leading brand on the Swedish market, four aparthotels and one serviced apartments location including StayAt’s upcoming aparthotel in Malmö, thus strengthening Forenom’s position as the Nordic market leader in business accommodation and further driving its growth in Sweden.
The Target
The trend towards project-based working increases companies’ need for extended stays and at the same time the housing shortage in Sweden creates a high demand for serviced and hotel apartments. These developments have resulted in attractive market prospects for companies catering to these needs. The current owners took over the business in 2010 and since then have expanded StayAt into the leading chain of aparthotels in Sweden with high guest satisfaction and strong customer relationships. In a consolidating market, the transaction will enable the combined business to continue growing its product offering and seizing new opportunities.
The acquisition will be effective starting March 1, 2018 after which StayAt properties will be branded as Forenom. After completion of the deal, Forenom’s aparthotel chain will consist of 17 aparthotels in major Nordic cities.
Client Statement
Daniel Stendahl, CEO of StayAt, said: “MCF has been an excellent adviser to us. I appreciate their commitment to us as a client and their professionalism throughout the process. Together with Forenom we will be able to better serve our clients and provide the best possible services. I look forward to realising the many exciting opportunities that lie ahead.”
About StayAt
StayAt is the leading Swedish brand within hotel apartments, operating four properties in Bromma, Kista and Lund, with 600 apartments and 100 more to be opened in Malmö. The company primarily caters to Swedish and international experts working for high profiled companies within consultancy and education intense businesses, with both extended and shorter stay lodging. Current owners acquired StayAt in 2010. StayAt is known for their quality, proactive concept development and high customer satisfaction.
