The proprietor of Uswitch, one in every of Britain’s greatest worth comparability platforms, and Zoopla, the net property portal, is plotting a break-up that might result in the sale of a few of Britain’s best-known shopper web sites within the subsequent 12 months.
Sky Information has learnt that Silver Lake Companions, the American non-public fairness agency, has employed two funding banks to launch a overview of strategic choices for the belongings which sit inside holding firm ZPG.
This weekend, Metropolis sources mentioned that JP Morgan and Arma Companions had been engaged by Silver Lake in current weeks to advise on the venture.
Though no agency choices have been reached about the way forward for ZPG’s working companies, a collection of sale processes for its numerous belongings is seen because the likeliest final result.
Essentially the most outstanding of the group’s subsidiaries is RVU, a smaller holding firm which owns Confused.com, the insurance coverage comparability enterprise; Uswitch; Cash.co.uk; mortgage brokerage Mojo Mortgages; and Tempcover, a brief automotive insurance coverage supplier.
ZPG additionally has three different companies: Zoopla, which sits behind Rightmove within the rankings of Britain’s greatest property portals; Hometrack, a property data website which additionally has frequent possession with PrimeLocation.com; and Alto Software program Group, which gives software program providers to property brokers by way of an additional group of subsidiaries.
Silver Lake took ZPG non-public from the London Inventory Alternate in 2018 in a deal price about £2.2bn.
Since then, it has acquired a lot of different companies, and reorganised itself into 4 extra impartial entities which sit throughout the ZPG holding firm.
A supply indicated that there was “no specific path or final result” for the strategic overview to take.
Confused.com was added to the group in 2020 when it was absorbed by RVU following the model’s acquisition from Admiral, the London-listed insurer.
ZPG has additionally offered a number of belongings, together with RVU’s worldwide arm, in 2023.
Business sources mentioned there was little or no probability of ZPG being offered in a single transaction, with its belongings extra prone to be offloaded by way of a number of processes working on distinct timetables.
The valuation that ZPG’s subsidiaries would possibly fetch in future sale processes was unclear this weekend, with some doubtlessly price lower than their implied worth within the 2018 takeover.
Lots of ZPG’s companies function in markets which have come underneath growing pricing stress, with rising competitors inserting a tighter squeeze on margins.
Uswitch say they’ve saved customers near £3bn over 25 years
Uswitch, which claims to have saved customers near £3bn on their family payments since sits launch in 2000, is predicted to draw curiosity from bidders, based on insiders.
Different mooted transactions within the worth comparability sector, such because the sale of a minority stake in Examine The Market, haven’t materialised.
Moneysupermarket, which is now publicly traded underneath the identify Mony Group, is among the many different main gamers within the trade.
Accounts filed at Corporations Home for Zephyr Midco 2 Restricted for the 12 months ended December 31, 2023 confirmed group revenues of £451.5m, up from £391m the earlier 12 months.
It made an working loss from persevering with operations of £23.3m, in opposition to a comparable determine of £630.1m in 2022.
Silver Lake is among the world’s greatest non-public fairness companies, holding stakes in firms together with Manchester Metropolis Soccer Membership’s quick guardian, Metropolis Soccer Group, and the RAC breakdown restoration service.
Sky Information revealed final month that the RAC’s homeowners had been getting ready to pursue a inventory market flotation or sale of the corporate.
The buyout agency can be an investor within the New Zealand All Blacks’ industrial rights entity, following a protracted approval course of.
Silver Lake declined to remark.
