CALGARY, Alberta, Dec. 16, 2022 (GLOBE NEWSWIRE) -- ApartmentLove Inc. (CSE: APLV) (“ApartmentLove” or the “Company”), a leading provider of online home, apartment, and vacation rental marketing services to owners, renters, and vacationers from around the world is pleased to announce it has completed its acquisition of the established, very well-known, and profitable internet listing site GottaRent.com and other related domains from Metroland Media Group Ltd. (“Metroland”) in an all-cash takeover.
Transaction Highlights:
Purchase Price: C$940,000
Earnings Multiple: 4x EBITDA
Acquired Domains: www.GottaRent.com and 4 others
Page 1 Rankings: 12 Canadian markets including Hamilton, Mississauga, and Oakville in the GTA
When asked what specifically excited ApartmentLove about the opportunity to acquire an established internet listing site with a long operating history in Canada’s most densely populated region, the Greater Toronto Area (“GTA”), Trevor Davidson – President & CEO of ApartmentLove explained that GottaRent.com has an extensive customer list, an exceptionally well-known and respected brand, and a history of profitable earnings spanning more than a decade. Trevor added, “In addition to the immediate and profoundly positive impacts this transaction will have on our income statement and balance sheet, leveraging the proven successful sales and marketing strategies used by GottaRent.com to secure monthly recurring paid customers is a coveted trade secret and one we are eager to implement as we continue to invest in Search Engine Optimization targeting renters and landlords in major rental markets in Canada and the United States.”
ApartmentLove.com currently has presence in more than 100 major rental markets across the United States that management believes are on the cusp of converting to Page 1 rankings on Google and thereby greatly increasing exposure and organic website traffic to ApartmentLove.com throughout the United States in the same way GottaRent.com has, for many years, enjoyed across Canada.
The total purchase price paid to Metroland in connection with this transaction was C$940,000 amounting to approximately 4x EBITDA. As announced on November 9, 2022, ApartmentLove paid a C$100,000 deposit against the purchase price. The balance of the purchase price, plus a working capital amount of approximately C$54,000 was paid to Metroland from the proceeds of the Company’s first tranche debenture unit financing which closed on December 13, 2022, and raised nearly C$3,000,000.
The acquisition of GottaRent.com is the second acquisition by ApartmentLove since going public in the summer of 2021 and underscores the Company’s well-publicized aim of consolidating the deeply fragmented, high-margin, and cash rich internet listing industry in Canada, the United States, and elsewhere around the world.
About ApartmentLove Inc.
ApartmentLove Inc. (CSE: APLV) is a leading provider of online rental marketing services to property owners, renters, and vacationers in more than 30-countries around the world. Having proven its ability to scale as a fast-growing "PropTech" in today’s complex and dynamic market environments, ApartmentLove is actioning its growth through acquisition program – purchasing complementing businesses that have many monthly active users, a history of recurring revenues, positive cashflows, and custom technologies that both accelerate and destress the renting experience while simultaneously advancing its own organic growth strategies in key markets around the world. ApartmentLove Inc. is a publicly traded company with its common shares listed on the Canadian Securities Exchange (CSE: APLV) and the USOTC trading under the symbol “APMLF”.
For more information visit www.apartmentlove.com/investors or contact:
Trevor Davidson President & CEO ApartmentLove Inc. tdavidson@apartmentlove.com (647) 272-9702