AllSet Turnover, a short-term rental management company, based in Chicago, has been acquired by Second Home Management. AllSet Turnover was represented by Raincatcher, LLC, a Denver-based investment banking and business brokerage firm, during the sale process, in partnership with AJL Atelier.
As one of the largest and most sophisticated technologically advanced short-term property management companies in the City of Chicago, with more than 150 units, AllSet Turnover was founded in 2014. Owner, Co-founder, and President Billy Quaranto originally became interested in the industry while helping a friend rent his friend’s condo through Airbnb.
“Partnering with AJL Atelier and Raincatcher was the ideal choice for our team”Bill Quaranto, Founder, AllSet Turnover
With an extensive background in lean consulting, he recognized the inherently weak nature of opportunities for improvement in the market’s property management. At that time, short-term rental property management tended to be something individuals did on the side. He realized that by bringing together talented professionals and individuals with specific skill sets and a systems-based approach, a company could dominate and excel in the market and vastly improve the experience for property owners and guests – and their investment yield.
When it came time to sell The Company, Quaranto chose to partner with AJL Atelier to first build value for the business before initiating the selling process. Once an exit was the wisest next step, bringing in Raincatcher to complete the transaction was the perfect fit.
“Partnering with AJL Atelier and Raincatcher was the ideal choice for our team. With Raincatcher’s mastery of marketing businesses for sale and AJL’s unparalleled expertise in the vacation rental industry, we were guided step by step through the process and never had to worry that something would be misunderstood or overlooked,” said Quaranto of his experience.
“This was our first time navigating the unfamiliar process of selling a business, and I can say unequivocally that I would recommend the Raincatcher-AJL team, and would not hesitate to partner with them in the future.”
The deal was exemplary for Raincatcher as it displayed the combined powers of AJL Atelier’s expertise in global property management with Raincatcher’s transaction advisory services.
“We are delighted to join forces with the impressive team at AllSet and expand our platform in the Chicago area,” said Patrick Gaskin, Vice President of Operations at Second Home Management. “Urban markets are making a comeback, and while vacation rental regulations can be difficult to navigate, we believe that the amazing local team combined with Second Home Management’s national brand, as well as marketing from our partner RedAwning, is a win-win-win combination.”
AJL Atelier and Raincatcher share missions to support entrepreneurs on their paths forward, whether they intend to build value for exit or buy an enterprise. With AJL Atelier’s salient footprint in the vacation rental industry and Raincatcher’s expertise in merger and acquisition advisory services, the partnership will offer vacation rental professionals a 360-degree support system. In turn, travelers will increasingly be offered higher-quality lodging experiences.