TrustedHousesitters
Liberty advises the management team of TrustedHousesitters on their acquisition by Mayfair Equity Partners
Liberty Corporate Finance is delighted to announce that they have advised the management team of TrustedHousesitters on their acquisition by Mayfair Equity Partners, a dedicated technology and consumer investor with over £2 billion in assets under management.
TrustedHousesitters, is a category-defining, subscription-based pet-sitting and travel community. Mayfair will hold a majority stake in the business alongside the management team. Rockpool will exit their stake in TrustedHousesitters and reinvest alongside Mayfair.
The transaction values the business at over $100 million. Additional deal terms have not been disclosed.
TrustedHousesitters is the leading travel solution for pet people which connects pet owners with pet sitters around the world. Pet owners can find verified sitters to look after their pets while they're away from home and, in return, sitters are able to visit destinations across the globe for a unique and rewarding travel experience. Since its founding in 2010, the company has facilitated over 10 million nights of pet sitting, has grown its operations to more than 140 countries and saves pet owners and travellers thousands of pounds annually in accommodation and pet care costs. The pet care and travel sectors are expected to grow to $369 billion by 2030 and $1,016 billion by 2027, respectively.[1]
Mayfair is partnering with Mathew Prior, TrustedHousesitters' CEO, and the management team to accelerate growth and support product innovation across its core markets in the US, the UK, Europe, and Australia. Mathew joined TrustedHousesitters in 2019, bringing over 30 years of experience in the travel industry to the company, following managing director roles at Travelopia, Specialist Holidays Group, First Choice Holidays, and The First Resort. Under Mathew's leadership, the company has undergone significant growth while improving balance sheet management and profitability.
TrustedHousesitters recorded 158% year-on-year growth in 2022, supported by a rising pet population, the accelerated digitisation of pet services and a return to historical rates of travel. TrustedHousesitters' unique combination of a pet-loving community, reliability, and adventure delivers a memorable experience every time for pet owners and sitters. This leads to exceptional customer satisfaction scores which in turn drive recommendations, with more than 60% of customers hearing about TrustedHousesitters from word of mouth.
We thought Mick and team did a first class job. They clearly have a deep expertise in this field and can be trusted to fully represent the interests of management. We felt during the process that nothing was too much trouble and that they always went the extra mile. We enjoyed working with them very much and look forward to continuing our relationship in the future.
Matthew Prior
CEO of TrustedHousesitters
Many congratulations to Mathew and his team who have been leading the exceptional profitable growth at TrustedHousesitters over the past few years. It has been a pleasure working with them and delivering an aligned incentive plan for the next phase of their growth alongside Mayfair Equity Partners.
Michael McDonagh
Partner
+44 (0) 7715 705 000
michael.mcdonagh@liberty-cf.com