UK: The Apartment Network (TAN) will receive additional funding from its parent company, private equity firm Ansor.
Ansor reported its fund Ansor Ib (“AIb”), has completed a first close of £63m of commitments. Leading law firm Travers Smith LLP advised Ansor Ib on its successful fundraise. The Travers Smith team was led by Funds Partner Jeremy Elmore and included Funds Associates Rory Page and Jonathan Trent.
Ed Ainsworth, Ansor LLP Partner said: “The closing of Ansor Fund Ib is a strong vote of confidence in Ansor and our microcap buy and build strategy. We were pleased that all the Fund’s existing investors participated, and we were significantly oversubscribed with the Fund’s limited availability for new investors”.
Ansor will support TAN with a cut from the £63 million is investing in its range of five businesses over the next two years. It was not revealed how much of the £63 million TAN would receive.
In September , The Apartment Network appointed Greeley Koch as strategic advisor for The Americas as it reported positive half year results. The figures relate to half year (January to June 2022), compared with the same period last year, and are up 45 per cent on the same period in 2019.
Ansor acquired TAN in 2020 and its other businesses are not travel related. The Apartment Network now offers more than 53,000 apartments in 420 cities across 50 countries.
