Ellerston Capital takes stake in home improvement classifieds website

Ellertson Capital, along with KTM Capital and Australian Ethical Investment, have acquired a $6 million minority stake in the burgeoning home improvements classifieds website hipages.com.au. 

The Sydney-based business operates a website where about 500,000 customers request 30,000 jobs per month from 40,000 tradies.

HiPages says more than one million visitors come to the site every month, with some 1.5 million across their three sites.

The startup site was founded by David Vitek and Robert Sharon-Zipser 10 years ago.

They now employs about 90 staff.

The business generated $15 million revenue in the most recent financial year. It was recently recognised in the Deloitte Technology Fast 500 Asia Pacific list.

Customer job quotes are sent to businesses which pay about $298 a year for the privilege.

Its partnerships include IKEA where customers can now use hipages.com.au’s Get Quotes service from some IKEA stores to access professional kitchen installers.

The Sydney-based investment and funds management group Ellerston Capital is headed by Ashok Jacob, with about $3 billion under management.

James Packer’s private company, Consolidated Press Holdings, reduced its 100% shareholding in Ellerston in 2011 with CPH retaining a passive 25% stake.