Private equity firm Phoenix has sold its stake in holiday lettings business Travel Chapter to ECI Partners.
The transaction delivers a 3.6x return on investment and a 62% IRR for investors.
Travel Chapter was founded in 1989 and is a technology-driven marketing platform for holiday lettings in the UK. It is based in Devon and markets over 5,000 properties through its flagship website Holidaycottages.co.uk and other domains.
Phoenix backed Travel Chapter’s CEO, Jamie Morris, in 2016 to support the expansion of the business through a combination of organic and acquisition growth. Since then the business has made 20 acquisitions and the number of properties under management has more than doubled, while profits have increased threefold.
Jamie will continue to lead the business through the next stage of its growth.
Will Skinner, Partner at Phoenix, said: “We’re delighted to have been part of the Travel Chapter story. It’s a terrific example of how we can partner with a talented team and use our capital to rapidly and materially grow a business together. We wish the team and the new investors every success in the years to come.”
Jamie Morris, CEO of Travel Chapter, added: “Phoenix have been fantastic partners over the last few years and I would like to thank them for their support and experience, which have proven invaluable. I look forward to working with ECI over the coming years as we continue to grow the business.”