Private equity firm Vitruvian Partners has acquired a majority stake in holiday home provider Sykes Holiday Cottages from private equity firm Livingbridge.
Sykes is based in Chester and provides holiday rental properties in the UK, Ireland and New Zealand.
Livingbridge acquired its stake in the business in January 2015 and since then the number of properties Sykes manages has risen from 5,000 to over 17,500, following 12 acquisitions and the implementation of a digital transformation strategy.
During the investment hold period revenues rose from £17 million to £68 million. EBITDA for the year to September 2019 was over £20 million, up from £12.6 million in 2018. The investment will be used to fund the company’s plans for further UK and international expansion.
Graham Donoghue, CEO of Sykes Holiday Cottages, said: “We’re excited about this next phase in the Sykes story. We’ve transformed the business within the last five years with the unwavering support from the Livingbridge team, and we are now in a strong position to scale further in what is a booming staycation market.”
Ben Johnson, Partner at Vitruvian Partners, added: “Sykes Holiday Cottages has gone from strength to strength, growing from a trusted family-run business to one of the largest holiday home rental platforms in Europe. In Sykes we have found a team with a mission to become a global category leader and we hope to support that with our experience and capital.”
Adam Holloway, Partner at Livingbridge, said: “Sykes Holiday Cottages is a fantastic business and we are delighted to have supported its development and growth.”