Newcastle-based short-term rental company Alloggio Group has agreed to be purchased by private equity firm Next Capital for $60 million.
The company was founded by Hunter tourism operator Will Creedon in 2015.
While its headquarters remain in Newcastle, its 260 employees are spread across Australia, Vietnam, the Philippines and China.
The Next Capital proposal would see it pay 0.30 cents per share.
If approved, it would transform Alloggio, presently a publicly-listed company, into a private company.
Mr Creedon and his wife Karen Howard would be partners in the new company.
Following unprecedented growth, Alloggio upgraded its revenue guidance for the 2022 financial year from $21.5 million to $26 million.
The company continued to enjoy strong growth throughout 2022.
"Our properties are located in popular tourism destinations on the east coast of Australia and with ongoing strong demand for travel, we continue to see positive momentum," Mr Creedon said.
Mr Creedon said he was unable to comment about the latest proposal.
Next Capital specialises in providing buy-out funding for businesses.
"With over $600 million of funds under management and substantial capital available for new investment, Next Capital has a strong operational focus, based on cultivating successful partners," a spokesman said.
'Next Capital will further invest in growing the Alloggio business."
Alloggio directors will appoint an independent expert to advise on whether the scheme is in the best interests of shareholders.
If approved the deal could be finalised by August 2023.
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