Providence Equity, TPG become equal partners in RentPath

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Aaron Kohr

Providence Equity Partners LLC and TPG Capital are now equal partners of Norcross, Ga.-based RentPath Inc., a search company for apartment and home renters.

Phil W. Hudson

Staff Writer- Atlanta Business Chronicle

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Providence Equity Partners LLC and TPG Capital are now equal partners of Norcross, Ga.-based RentPath Inc., a search company for apartment and home renters.

RentPath reported Providence, R.I.-based Providence, a global private equity firm that focuses on media, communications, education and information companies, will buy a stake in the RentPath from existing owner Fort Worth, Texas-based TPG.

Under the terms of the agreement, Providence and TPG will own equal shares of RentPath, with management continuing to also have a stake in the company. No other deal terms were disclosed.

TPG first invested in RentPath in July 2011. Under TPG, RentPath transitioned from a largely print-based rental resource to a pure digital media company. During this time, RentPath acquired former eBay subsidiary Rent.com, as well as Lovely, a mobile-powered end-to-end rental marketplace.

RentPath's brands include Apartment Guide, Rent.com, Rentals.com, RentalHouses.com, LiveLovely.com, and New Home Guide.

Providence manages funds with over $40 billion in commitments and has invested in more than 140 companies.

TPG has $66 billion of assets under management.

The transaction is expected to close by the end of the year.

Phil W. Hudson is a finance, music and sports reporter.