Providence Equity Partners-backed RentPath Appoints Chip Perry CEO

7/13/15

Chip Perry

RentPath, LLC, parent company of Apartment Guide, Rent.com, Rentals.com and Lovely, which together represent the nation’s largest and most powerful digital platform for connecting apartment searchers with their ideal place to live, announced today that Chip Perry has been appointed president and chief executive officer, effective immediately. Perry, who joined the RentPath board in February 2015, will continue his role as a director. An online industry veteran with more than 25 years’ experience, Perry is the former CEO of AutoTrader.com, where he grew the company from its inception into the world’s largest online marketplace for car buyers and sellers.

Perry succeeds Charles Stubbs who is stepping down from his role as president and chief executive officer in order to spend more time with his family. Stubbs will continue to serve on the board of directors.

“Chip has been a pioneer in the digital media space for more than 25 years and his vision, leadership and experience make him the ideal person to lead RentPath in its next chapter of growth,” said David Trujillo, Chairman of the Board at RentPath and partner at TPG. “Charles has laid a strong foundation, which includes the recapitalization and addition of Providence Equity Partners as new investors, and is leaving the company with significant momentum for continued growth. During his tenure, the company evolved from primarily a print business to a 100 percent digital platform that is the audience, lead quality and volume, revenue, and profit leader in the online segment of the multifamily apartment industry. He also successfully completed the acquisition of key strategic assets including Rent.com and Lovely and transitioned Rent.com to a subscription model. All of these are major accomplishments that have established RentPath as the clear industry leader and have positioned it for accelerated growth in the future. On behalf of the board and TPG, I thank Charles for his unparalleled leadership over the past seven years.”

“During our investment in AutoTrader, we saw first-hand Chip’s ability to not only transform a business – but an entire industry,” said Michael Dominguez, a managing director at Providence Equity Partners and RentPath board member. “We have been lucky to partner with Chip in the past and in doing so again, we know that his extensive experience in sales, marketing, product development, customer service, software, and data analytics will be instrumental to RentPath’s future success.”

Dominguez added, “We have great admiration and respect for Charles and are fortunate that he will continue to serve on our board, where we will benefit from his continued guidance and deep knowledge of the company and the multifamily industry. “

“RentPath is bringing dramatic improvements to the way people find their ideal place to live, using the size and power of its platform to serve customers in new ways, every day. I am tremendously excited to join this dynamic company at a time when it is poised to bring even more powerful innovations to apartment seekers and property owners,” said Perry. “The company has experienced tremendous growth under Charles’ leadership and I look forward to working with him, the board of directors and the RentPath management team to continue on this trajectory and capitalize on the great opportunities that lie ahead.”

“I am proud of what we have accomplished together over the last seven years. We transformed the company into the nation’s largest and most powerful network of apartment listings websites that bring together the most apartment seekers with the most apartment communities. I am particularly proud that during my tenure as CEO, we posted very impressive growth numbers, increasing the number of monthly unique visitors on the RentPath Network by nearly three times and increasing the number of annual leads we generate for our customers by more than seven times. Today, the RentPath Network leads the industry with 475 full-time sales professionals, more than 10 million monthly unique visitors, and is accelerating growth across all operating and financial metrics even in this time of increased competitive activity,” said Stubbs. “The decision to step down was difficult, but I know the company is in great hands with Chip and I look forward to working with him in my continued role on the board.”

As the first employee and CEO of AutoTrader.com from 1997 to 2013, Perry guided the company’s evolution from a one person startup into the world’s largest online automotive marketplace with approximately $1.5 billion in revenue, 20,000 dealer customers, and 3,500 employees. As a pioneer in the online auto industry, Perry was instrumental in creating a new business model and digital marketplace that transformed the way people buy and sell cars across America. While Perry was at the helm of AutoTrader.com, the company produced a wide range of innovations, including real-time integration with dealer inventory management systems, a unified approach to new and used car search, data analytics tools to help dealers better match their inventory to market demand and price their vehicles competitively, and a consultative sales and service model that enables dealers to more quickly adopt best practices for internet marketing and sales. He also led the acquisition of Kelley Blue Book and five dealer software companies that were integrated with AutoTrader.com in ways that created significant new value for consumers, dealers, and manufacturers.

About RentPath

RentPath is a leading vertical search company with a long-standing heritage in the real estate industry of empowering millions of people nationwide to find apartments and houses for rent. RentPath’s leading brands include Apartment Guide, Rent.com, Lovely, Rentals.com, and RentalHouses.com. In total, the RentPath Network of sites reached over 10 million unique visitors in May 2015.

The RentPath Network is the leading rental housing resource that enables apartment consumers to find their ideal place to live. With a top-tier search capability, amplified by constantly refined tools and industry insights, RentPath solutions provide consumers with a clear and simple guide to apartment hunting through content-rich apartment listings in a user-friendly format with Internet, mobile and social media solutions. Combining one of the largest inventories of high quality, verified rental listings with innovative solutions, the RentPath Network’s multi-platform search capability allows renters and property managers to connect wherever they are, whenever they want, in the medium that works best for them. The brand’s commitment to maximizing owner and manager value makes RentPath a leading multifamily housing industry partner.

RentPath is headquartered in Atlanta with an additional office in San Francisco. For more information, visit http://www.rentpath.com or follow RentPath on Facebook.

About TPG

TPG is a leading global private investment firm founded in 1992 with over $74 billion of assets under management and offices in San Francisco, Fort Worth, Austin, Dallas, Houston, New York, Beijing, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, São Paulo, Shanghai, Singapore and Tokyo. TPG has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, growth investments, joint ventures and restructurings. The firm’s investments span a variety of industries including healthcare, energy, industrials, consumer/ retail, technology, media & communications, software, financial services, travel, entertainment and real estate. For more information visit www.tpg.com.

About Providence Equity Partners

Providence Equity Partners is the world’s leading global private equity firm focused on equity investments in media, communications, education, and information companies. The firm manages funds with over $40 billion in commitments and has invested in more than 140 companies globally since its inception in 1989. Providence is headquartered in Providence, RI and also has offices in New York, London, Hong Kong, Beijing, and New Delhi. Visit www.provequity.com for more information.

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