UK: Q Apartments International has announced the acquisition of serviced apartment provider Skyline Worldwide.
Post-acquisition, the Q Apartments Group has a turnover of around US $70 million, with more than 3,000 apartments either under management, leased or owned, divided across its three main markets, the UK, Denmark and Brazil.
Founded in 1996 in Copenhagen, Q Apartments Group is the largest serviced accommodation provider in Scandinavia. In 2016, Q Apartments Group reported an EBITDA of US $10 million. Skyline Worldwide was founded in London by Thiago Hahn in 2009.
Following the acquisition both Q International and Skyline will combine their staff under one roof and will start operations with more than 100 employees spread across three offices, in London, Copenhagen and Sao Paulo. The plan is to integrate the brands under a single operation unit during the course of 2017. Both companies will continue to operate with their current branding strategy until a later announcement, where a fully integrated new suite will be presented to clients and business partners.
Colum Campion, executive director of Q Apartments Group and CEO of Q International, said: “In our efforts to expand our core business model and find better ways to serve the market, we decided to join forces with a like-minded company that shares our values and vision – we are pleased to have found these attributes in Skyline/Q.”
Thiago Hahn, newly appointed COO and partner of Q International, said: “Bringing together the creative culture of Skyline with Q Apartments’ corporate and business capabilities turns out to be such a great opportunity for both companies that it was impossible to overlook. Both companies have strong abilities and market positioning, but together they not only become a major force in Europe and Latin America, they allow us to become a huge player in the international market. Q international will have the full package to enable development – the right people and clients combined with the best product and service offerings.”
Campion added: “This acquisition will bring further scale to our team and clients worldwide. We already had an international presence but this deal formalises our commitment to our vision and our people. Skyline will assist the group in expanding our global partner network and it is a great strategic match. The combination of Q Apartments and Skyline creates a new market leader with an improved net asset value and robust balance sheet. Our combined companies will have the talent, systems and operating power needed to deliver results with outstanding products and services across the globe.”</p
