Trade Me has entered into an agreement to purchase the Richmond-based accommodation website Holiday Homes. A due diligence process has been completed, and a sale and purchase agreement was signed today.
Holiday Homes provides a directory of holiday homes, baches, and cribs around New Zealand and the South Pacific. It also lists activities and service providers close to accommodation providers.
Trade Me CEO Jon Macdonald said he was delighted with the acquisition. “The owners of Holiday Homes, Mark and Elizabeth Greening, have had a passion for holiday home and bach accommodation all their lives. Back in 1997 they built the first version of the Holiday Homes website, and they’ve done a great job of growing a successful online business,” he said.
“Holiday Homes complements our existing portfolio of travel businesses including Travelbug, BookIt and Holiday Houses. It’s great to have Mark continue as general manager of the website, and it’s business as usual for existing Holiday Homes property owners.”
The purchase price is confidential, and the transaction is cash funded.