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Axel Springer acquires major German portal

Axel Springer Digital Classifieds, a partnership between Axel Springer and global growth investor General Atlantic, is acquiring German online portal meinestadt.de.

Meinestadt.de attracts more than 8 million unique monthly users and features local and regional content covering 11,337 German cities and towns. It runs listings for jobs, property, car ads and general classifieds.

Regional sites run by the portal also offer up city information, leisure recommendations along with local news, event listings and a business directory.

Following the acquisition, meinestadt.de founder and chief executive Manfred Steggar will leave the company and will be succeeded by Axel Springer director of premium content Gerog Konjovic.

“Axel Springer Digital Classifieds is the new ‘good owner’ I have been looking for. I am handing them a healthy, very profitable company that is producing the best results in its history this year,” says Steggar.

Axel Springer Digital Classifieds was set up in March this year and is 70% owned by Axel Springer and 30% owned by General Atlantic. The company pulls together several European online jobs portals including StepStone and French and German property portals SeLoger and Immonet. It also acquired UK employment portal TotalJobs in April this year.

“meinestadt.de offers sustained profitable growth, a very wide reach and strong brand familiarity, as well as tremendous growth prospects, due to its focus on regional and local content,” says Axel Springer head of electronic media division Jens Müffelmann. “Moreover, meinestadt.de makes an excellent fit with our portfolio of national classified marketplaces.”

David Hing, London