TZP Group, investment funds managed by HPS Investment Partners and Capital Dynamics are among the investors in Pavilion, a national vacation rental company that has launched with 20 local businesses. HPS is part of Black Rock. PGIM, the global asset management business of Prudential Financial, served as the primary lender for the Pavilion platform.
Pavilion’s local companies manage more than 5,000 homes and welcome about 50,000 guests each month across the US. Four of the 20 founding companies have merged with others in the group, so it operates as 16 businesses today. Each company remains locally led by its existing team. The leaders of these businesses become long-term shareholders and, together with Pavilion’s management team, own the majority of the company.
Pavilion provides its local businesses with shared technology, data, owner reporting, accounting, revenue management, business development, purchasing and insurance. The company is seeking to add more local vacation rental companies across the US.
Source: PE Hub · Summarized by HeadlinesBriefing