Deal Announcement: Native Holdings’ Successful Sale of Native Places to NUMA Group

Corbett Keeling is delighted to have advised the shareholders and investors of Native Holdings on the sale of its short-stay business division, Native Places, to the NUMA Group.

Our Role: Corbett Keeling was approached by Native Holdings’ investors to run a formal auction process. After managing a targeted market approach, we were close to finalising a sale when the selected bidder withdrew due to internal financing issues. We swiftly assessed the client’s options and relaunched a focused secondary process, successfully identifying the NUMA Group as a high-quality bidder. This enabled us to quickly reach a satisfactory agreement.

Once the transaction structure was decided and the heads of terms were agreed, Corbett Keeling managed the sell-side response to multiple detailed information requests from the NUMA Group and its advisors. We assisted Native Holdings' management team in providing the necessary information in a timely and organised manner.

We led negotiations on behalf of Native Holdings with senior board members of the NUMA Group and their financial and legal due diligence providers. Key negotiation items included the net cash and working capital adjustment, real estate permitting and regulatory matters, and service agreements for key staff members continuing in the business. After these areas were agreed upon, we coordinated the lawyers in the preparation, agreement, and signing of the legal documents.

About Native Places: Headquartered in London, Native Places is one of the UK’s pioneers in the lifestyle apart hotel and serviced apartment sector, with over 800 units. Native Places assets range from small to medium-scale serviced apartment buildings in London under the brand of The Apartment Collection to larger-scale Native Apart Hotels. Native Places provides guests with the freedom of a private apartment with the comfort and services of a boutique hotel in London, Manchester, Edinburgh, and Glasgow.