UK Markets close in 3 hrs 38 mins

HomeToGo GmbH and Lakestar SPAC I SE to Combine to Create a Publicly Listed Company as a Next Generation Marketplace Focusing on Alternative Accommodation

·14-min read

DGAP-News: Lakestar SPAC I SE / Key word(s): Mergers & Acquisitions
14.07.2021 / 19:32
The issuer is solely responsible for the content of this announcement.



Press Release

HomeToGo GmbH and Lakestar SPAC I SE to Combine to Create a Publicly Listed Company as a Next Generation Marketplace Focusing on Alternative Accommodation

- The transaction values the Combined Company at an equity value of EUR 1.2 billion and an enterprise value of EUR 861 million

- The transaction is expected to complete in the third quarter of 2021, and the Combined Company will be listed on the Frankfurt Stock Exchange under the ticker "HTG"

- Investors, including European family offices specialising in tech investments and top European tech entrepreneurs, including a significant investment by Dr. Klaus Hommels, have committed EUR 75 million through a common stock private investment in public equity ("PIPE")

- Martin Reiter, VP Europe at Wayfair, who previously built Airbnb's global presence while leading their international operations, will join the Supervisory Board and is also investing in the Combined Company

- HomeToGo achieved record gross booking value of EUR 904 million in H1 2021 (preliminary figures), up 27% yoy, despite the impact of COVID-19

Luxembourg, 14 July 2021 - HomeToGo GmbH ("HomeToGo"), a marketplace with the world's largest selection of alternative accommodation, and Lakestar SPAC I SE (Frankfurt Stock Exchange: LRS1) ("Lakestar SPAC I"), a publicly listed special purpose acquisition company sponsored by Dr. Klaus Hommels, Founder and Chairman of Lakestar Advisors, today announced they have entered into a definitive business combination agreement. Upon closing of the transaction, the listed entity is expected to be named HomeToGo ("Combined Company") and the management board will consist of Dr. Patrick Andrae (Co-founder and CEO of HomeToGo), travel tech veteran Wolfgang Heigl (Co-founder and Chief Strategy Officer (CSO) of HomeToGo), Valentin Gruber (newly appointed COO of HomeToGo) and Steffen Schneider (CFO of HomeToGo). Martin Reiter, VP Europe at Wayfair, who previously built Airbnb's global presence while leading their international operations, will join the Supervisory Board and is also investing in the Combined Company. After closing of the transaction, the Combined Company's common stock will be listed on the Frankfurt Stock Exchange under the ticker symbol "HTG", until then Lakestar SPAC I will continue to trade under the ticker "LRS1".

"Joining forces with Lakestar SPAC I to bring HomeToGo to the public markets presents a great opportunity to fuel the next level of growth. High quality, multi-purpose and unique vacation rentals are the new zeitgeist, and this trend has drastically accelerated over the last year. With millions of offers and thousands of partners in one comprehensive marketplace, HomeToGo already has the largest selection of alternative accommodation and is perfectly positioned to make incredible homes easily accessible to everyone," said Dr. Patrick Andrae, Co-founder and CEO of HomeToGo. "The Lakestar SPAC I team has significant experience in assisting tech companies like ours and will be a valued strategic partner, especially as we grow our tech-enabled supply and demand services for our trusted supply partners. I would like to personally thank all those involved in making this combination a success, including new and existing investors, and especially our outstanding HomeToGo team."

"At Lakestar SPAC I, we were particularly interested in partnering with an innovative company in European tech with substantial long-term growth potential such as HomeToGo. HomeToGo is led by an accomplished management team and has proven to be resilient, growing and developing strongly despite the global pandemic," said Stefan Winners, CEO of Lakestar SPAC I.

"By investing in Berlin-based travel tech firm HomeToGo, we are excited to create a publicly listed combined company focusing on a next generation marketplace on alternative accommodation. HomeToGo demonstrates significant growth prospects and meets all criteria of the Lakestar SPAC I target profile as the first tech-focused SPAC in Europe," said Inga Schwarting, CIO of Lakestar SPAC I.

Dr. Klaus Hommels, Sponsor and Chairman of the Supervisory Board of Lakestar SPAC I, added: "The European technology sector offers attractive investment opportunities with promising valuations and many excellent growth companies. However, European tech companies do not have the same access to capital as companies in the U.S. or Asia. There is a considerable need for action in Europe to provide young, innovative companies - especially in the growth phase - with the necessary capital. This first entirely European tech SPAC deal is an important signal towards European innovators looking for European capital."

The Trend Towards Alternative Accommodation is the New Zeitgeist

Even before the COVID-19 crisis, there was an increasing trend for consumers to choose alternative accommodation and vacation rentals over other types of accommodation. The crisis has further accelerated this trend for the long term: security and traveling domestically are just some of the advantages of this category of accommodation, which many travellers have now discovered for the first time, bringing new long-term demand into the market. And vacation rentals are often a more sustainable choice in terms of limiting CO2 emissions, in part because they are typically associated with shorter journeys.

In addition, a completely new use case for the alternative accommodation offered by HomeToGo has emerged in the last year: remote work and the so called "Workation", for example, people choosing to rent accommodation so they can work remotely for a few weeks or months from a sunnier or rural location. This particular trend only emerged during the COVID-19 crisis, but it again underscores the long-term growth potential of this travel segment.

HomeToGo Has Achieved Continuous Growth Even During the COVID-19 Pandemic

The strength of HomeToGo's platform and the structural trend for consumers to increasingly seek alternative accommodation options have enabled HomeToGo to achieve continuous growth, even during the COVID-19 pandemic. Having grown gross booking value at a compound annual growth rate of 82% prior to COVID-19 for the period from 2016 to 2019, HomeToGo generated record gross booking value of EUR 1.3 billion in 2020 and improved adjusted EBITDA[1] to EUR -2 million. In H1 2021[2], HomeToGo achieved a new record gross booking value of EUR 904 million, up 27% yoy, even though for long periods of H1 2021 large parts of Europe were still under lockdown.

HomeToGo: The World's Number One Marketplace for Alternative Accommodation[3]

HomeToGo has built the world's largest marketplace for alternative accommodation and vacation rentals. With more than 30,000 trusted partners using its platform, HomeToGo combines the most comprehensive inventory of more than 14 million accommodation offers in one place to help its millions of global users find the ideal home for any trip.

HomeToGo's state-of-the-art technology platform removes friction for both supply and demand, better connecting online travel agencies, property managers and other supply partners with qualified, conversion-optimised consumer demand. The platform makes it easier for travellers to compare accommodation offers and trust they are booking the right place to stay, while it provides innovative technology solutions for its supply partners and the whole alternative accommodation ecosystem to make them more successful.

The proceeds from the transaction are expected to provide HomeToGo with the capital to drive organic growth and make potential acquisitions that could significantly enhance HomeToGo's service offering and further accelerate the entire alternative accommodation ecosystem.

Summary of Transaction

In addition to the EUR 275 million held in Lakestar SPAC I's trust account[4], investors, including European family offices specialising in tech investments and top European tech entrepreneurs, including a significant investment by Dr. Klaus Hommels, have committed to participate in the transaction through a common stock PIPE of EUR 75 million at EUR 10.00 per share. The transaction values the Combined Company at an equity value of EUR 1.2 billion and an enterprise value of EUR 861 million.

The current HomeToGo shareholders, convertible lenders and holders of virtual options are expected to receive 85 million shares in the Combined Company, retaining 69% of the post transaction equity in aggregate. Lakestar SPAC I investors and founders are expected to retain 25% in the Combined Company; PIPE investors will invest EUR 75 million resulting in a 6% equity interest.[5]

The transaction is expected to close in the third quarter of 2021. The closing of this transaction is subject to the approval of the Lakestar SPAC I shareholders and the satisfaction or waiver of certain other customary closing conditions.

Deutsche Bank acted as financial advisor to Lakestar SPAC I and Morgan Stanley acted as financial advisor to HomeToGo. Sullivan & Cromwell served as legal counsel to Lakestar SPAC I. Clifford Chance and V14 Vogel Heerma Waitz served as legal counsel to HomeToGo.

Investor Presentation

HomeToGo and Lakestar SPAC I recorded an investor conference call to explain the proposed transaction. The recorded presentation and investor slide deck will be published on the HomeToGo website ( and in the Business Combination section of the Lakestar SPAC I website (

About HomeToGo

HomeToGo was founded in 2014 with a vision to make incredible homes easily accessible to everyone. To pursue this vision, HomeToGo was able to build and constantly grow a trusted and easy-to-use technology platform that brings together property suppliers with travellers from all across the world.

HomeToGo operates a marketplace for alternative accommodation that connects millions of travellers searching for a perfect place to stay with thousands of inventory suppliers across the globe, resulting in the world's most comprehensive inventory coverage in the alternative accommodation space.

HomeToGo's marketplace is beneficial to both of its customer groups: Consumers who visit HomeToGo's websites gain access to the largest inventory in one place, and supply partners who use the platform's reach and technology solutions are better able to serve a wide range of customers and generate more high quality demand.

Headquartered in Berlin, Germany, HomeToGo operates localised websites and apps in 23 countries.

For more information visit:

About Lakestar SPAC I

Lakestar SPAC I SE is a Luxembourg-incorporated special purpose acquisition company established for the purpose of acquiring a company with principal business operations in a member state of the European Economic Area, the United Kingdom or Switzerland in the form of a merger, capital stock exchange, share purchase, asset acquisition, reorganization or similar transaction, seeking a target for the business combination in the technology sector with a focus on the sub-sectors SaaS (software as a service), fintech, transportation and logistics, healthtech and deep tech.

Lakestar SPAC I is sponsored by Dr. Klaus Hommels, Founder and Chairman of Lakestar Advisors. The founders of Lakestar SPAC I are Dr. Klaus Hommels, together with the company's Chief Executive Officer, Stefan Winners, and the Chief Investment Officer, Inga Schwarting.

For more information visit:

Media Contacts:

For HomeToGo

Caroline Burns, HomeToGo

Jonas Upmann, HomeToGo





For Lakestar SPAC I

Harald Kinzler, Kekst CNC

Isabel Henninger, Kekst CNC

Phone: +49 69 506 037 579

Phone: +49 69 506 037 583






These materials may not be published, distributed or transmitted in the United States, Canada, Australia or Japan. These materials do not constitute an offer of securities for sale or a solicitation of an offer to purchase securities (the "Securities") of Lakestar SPAC I SE (the "Company") in the United States, Australia, Canada, Japan or any other jurisdiction in which such offer or solicitation is unlawful. The Securities of the Company may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"). There will be no public offering of the securities in the United States. The Securities of the Company have not been, and will not be, registered under the Securities Act. The securities referred to herein may not be offered or sold in Australia, Canada or Japan or to, or for the account or benefit of, any national, resident or citizen of Australia, Canada or Japan subject to certain exceptions.

This publication constitutes neither an offer to sell nor a solicitation to buy securities. The public offer will be made. An investment decision regarding the securities of Lakestar SPAC I SE should only be made on the basis of the securities prospectus, which will be published promptly upon approval by the Financial Sector Supervisory Commission (Commission de Surveillance du Secteur Financier (CSSF)) and will be available free of charge on the Lakestar SPAC I SE website.

In the United Kingdom, this document is only being distributed to and is only directed at qualified investors who are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), or (ii) persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc.) (all such persons together being referred to as "Relevant Persons"). This document is directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.

This release may contain forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "plans", "targets", "aims", "believes", "expects", "anticipates", "intends", "estimates", "will", "may", "continues", "should" and similar expressions. These forward-looking statements reflect, at the time made, the Company's beliefs, intentions and current targets/aims concerning, among other things, the Company's or the Group's results of operations, financial condition, liquidity, prospects, growth and strategies. Forward-looking statements include statements regarding: objectives, goals, strategies, outlook and growth prospects; future plans, events or performance and potential for future growth; lease-up potentials; economic outlook and industry trends; developments of the Company's or the Group's markets; the impact of regulatory initiatives; and the strength of the Company's or any other member of the Group's competitors. Forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in the Company's records (and those of other members of the Group) and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond the Company's control.

Forward-looking statements are not guarantees of future performance and such risks, uncertainties, contingencies and other important factors could cause the actual outcomes and the results of operations, financial condition and liquidity of the Company and other members of the Group or the industry to differ materially from those results expressed or implied in the Information by such forward-looking statements. No assurances can be given that the forward-looking statements will be realized. The forward-looking statements speak only as of the date of this release. The Company expressly disclaims any obligation or undertaking to release any updates or revisions to any forward-looking statements to reflect any change in the Company's expectations with regard thereto or any changes in events, conditions or circumstances on which any forward-looking statements are based. No representation or warranty is made that any of these forward-looking statements or forecasts will come to pass or that any forecast result will be achieved. Undue influence should not be given to, and no reliance should be placed on, any forward-looking statement.

[1] EBITDA adjusted for expenses for share-based payments

[2] Preliminary figures

[3] Relating to the total number of aggregated alternative accommodation offers

[4] This amount assumes no redemptions from Lakestar SPAC I's trust account

[5] These numbers assume no redemptions from Lakestar SPAC I's trust account

14.07.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at




Lakestar SPAC I SE

9 rue de Bitbourg

L-1273 Luxembourg





LU2290523658, LU2290524383




Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange

EQS News ID:



End of News

DGAP News Service

show this
show this
Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting