Mayfair Equity Partners is backing a management buyout of TrustedHousesitters, a category-defining, subscription-based pet-sitting and travel community. Mayfair and the management team will hold a majority stake in the business. Rockpool will exit its stake in TrustedHousesitters and reinvest alongside Mayfair. The transaction values the business at over $100 million. The additional deal terms were undisclosed.
TrustedHousesitters is a leading travel solution for pet people that connects pet owners with pet sitters worldwide. And pet owners can find verified sitters to look after their pets while they’re away from home and sitters can visit destinations across the globe for a unique and rewarding travel experience. Since being founded in 2010, the company has facilitated over 10 million nights of pet sitting, has grown its operations to over 140 countries, and saves pet owners and travelers 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.
Mayfair is partnering with TrustedHousesitters’ CEO Mathew Prior and the management team to accelerate growth and support product innovation across its core markets in the US, the UK, Europe, and Australia. Prior 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 Prior’s leadership, the company has grown significantly while improving balance sheet management and profitability.
TrustedHousesitters recorded 158% year-on-year growth in 2022 – supported by a rising pet population, the accelerated digitization of pet services, and a return to historical travel rates. And 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 drives recommendations, with more than 60% of customers hearing about TrustedHousesitters from word of mouth.
Advisors to Mayfair on the deal included Torch Partners (corporate finance), OC&C (commercial), PwC (financial and tax), Goodwin Proctor (legal counsel), and Palladium (digital and technology). And TrustedHousesitters shareholders were advised by Clearwater International and KeyBanc Capital Markets (M&A), Taylor Wessing (legal), PwC Strategy& (commercial), Claritas (tax) and Fox Williams (insurance). The management were advised by Liberty Corporate Finance (M&A), Mishcon De Reya (legal) and Cooper Parry (tax).
KEY QUOTES:
“Pet parents know that pets are more comfortable at home than in kennels, boarding facilities or even with friends and family. At the same time, there are millions of pet lovers throughout the world who seek authentic, sustainable, and cost-effective travel experiences. I’m proud of our platform’s growth over the past few years and the wonderfully positive feedback we receive from our members. We see a huge opportunity for continued expansion and believe that Mayfair is the right partner to help us achieve our global growth ambitions.”
- Mathew Prior, CEO
“TrustedHousesitters is a unique pet-care and travel solution with off-the-chart customer satisfaction scores. The company is creating a category by disrupting conventional pet-sitting services and offering a cost-effective alternative to traditional holiday accommodation. We’re excited to back a genuine innovator at the intersection of travel and pet care and believe that pet sitting services are an untapped opportunity in the pet care sector. TrustedHousesitters is ideally placed to succeed and we’re excited to partner with Mathew and his team on the next stage of their journey.”
- Kunal Dasgupta, Partner at Mayfair Equity Partners
