Holtzbrinck sells MyHammer to HomeAdvisor
17 Oct 2016
Ever since Holtzbrinck Digital GmbH changed its investment focus two years ago – moving away from classifieds to content and learning platforms – it’s been selling off companies that no longer fit the portfolio.
In 2015 it offloaded Parship, one of Germany’s top dating sites, to Oakley Capital. Now it’s home-services site MyHammer’s turn to go.
MyHammer Holding announced last week that Holtzbrinck sold its entire stake in Germany’s leading home-services site to HomeAdvisor, the U.S.’s leading home services platform. It operates a similar model to MyHammer of matching homeowners with tradespeople and builders, and is a subsidiary of IAC, a New York-based media and internet company. The parties didn’t divulge detail of the deal.
In a news release, HomeAdvisor said after the acquisition of MyHammer, it now owns three of the biggest such sites in Europe – the other two being France’s Travaux.com and Werkspot of The Netherlands.
HomeAdvisor continued with the brands Travaux and Werkspot after acquiring them. So, it’s safe to assume MyHammer will continue as a separate brand.
MyHammer launched in 2005 and has since grown to be Germany’s No. 1 site for home services and home-improvement services, along the way establishing sites in the U.K. and Austria. It also took the U.S. market on for a while, but withdrew when the losses became too much to bear. In 2015 it generated revenue of €8.1 million. It employs 70 people in Berlin.
Holtzbrinck Digital purchased a controlling stake in MyHammer back in 2007.