Vitruvian acquires UK holiday home provider Sykes

Vitruvian Partners has acquired Sykes Holiday Cottages, a UK-based holiday home provider. No financial terms were disclosed. Harris Williams advised Sykes on the deal. Sykes was backed by Livingbridge.


LONDON–(BUSINESS WIRE)–Harris Williams, a global investment bank specializing in M&A advisory services, announces that it advised Sykes Holiday Cottages (Sykes), a portfolio company of Livingbridge, on its sale to Vitruvian Partners (Vitruvian). Sykes is a leading independent holiday home provider in the UK, Ireland and New Zealand. The transaction, led by Ed Arkus, Will Bain and Krishna Patel of the Harris Williams Consumer Group, extends the firm’s experience in the travel space.

“Sykes is undoubtedly one of the biggest success stories in the European holiday home rental sector, with an unmatched organic and M&A-driven growth record in the UK, Ireland and New Zealand,” said Ed Arkus, a managing director at Harris Williams. “It has been a pleasure to work alongside Sykes’ management team as well as to have the opportunity to advise Livingbridge on another exceptional result.”

Will Bain, a managing director in the firm’s Consumer Group added, “Through consistent investment in people and technology, Graham and his team have built a formidable platform for growth. We look forward to following the company’s next chapter in partnership with Vitruvian, one of the most active backers of travel and technology businesses in the mid-market.”

Sykes is the UK’s leading and fastest-growing independent holiday cottage rental agency with over 25 years’ experience in the business. Based in Chester, they offer a fantastic choice of over 17,500 holiday homes across the UK, Ireland and New Zealand – from cosy cottages for two to larger properties that sleep 20 or more. Founded in 1991, Sykes is also one of the best-known travel brands, having won the British Travel Award for Best Large Holiday Cottage Booking Company for six consecutive years.

Livingbridge is a mid-market private equity firm with offices in the UK, the US and Australia, investing in fast growing companies valued up to £200m. The team has been backing growing businesses together for twenty years. They have done it over 150 times, turning many into household names both at home and abroad. They pride themselves on understanding the people behind growing companies in consumer markets; healthcare and education; technology, media and telecommunications; financial services and business services, and helping them to achieve what’s right for them and their business.

Vitruvian is an international private equity firm headquartered in London with offices across London, Stockholm, Munich, Luxembourg, San Francisco and Shanghai. Vitruvian focuses on dynamic situations characterised by rapid growth and change across industries spanning information technology, financial services, life sciences & healthcare, media, and business and consumer services.

Vitruvian is currently investing from its third fund, the €2.4bn Vitruvian Investment Partnership III, which is among the largest pools of capital in Europe supporting innovative and higher growth companies. Notable investments to date include global market leaders in their fields such as Just Eat, FarFetch, Darktrace, Trustpilot, CRF Health, Snow Software, TransferWise and others. The firm’s previous investments in the travel technology category include Travel Counsellors, JacTravel, Skyscanner and OAG.

Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).

The Harris Williams Consumer Group has completed more than 60 transactions in recent years across a variety of verticals, including branded consumer products; consumer services; food, beverage and agribusiness; and restaurant and retail. For more information on the Harris Williams Consumer Group and other recent transactions, visit the Consumer Group’s section of the Harris Williams website.

Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. awaited). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.