Vitruvian buys Sykes from Livingbridge

Vitruvian is currently investing from its Vitruvian Investment Partnership III fund, which closed on €2.4bn in 2017. The vehicle typically writes equity cheques of €25-200m.

Management have reinvested in the company as part of the transaction.

During Livingbridge's holding period, Sykes completed 12 acquisitions.

For the year ending on 30 September 2019, the business saw EBITDA of £20m from revenues of £68m. The company generated EBITDA of £12.6m from revenues of £52.1m in the previous year, up from revenues of £17m in 2015.

Previous funding
In 2015, Livingbridge acquired Sykes in a deal that was understood to value the company at £54m.

In 2019, the company made its first international acquisition by taking a majority stake in New Zealand-based Bachcare.

Company
Based in Chester, Sykes is an independent holiday cottage rental agency. Its range includes cottages for two people up to properties that house 20, in the UK, Ireland and New Zealand. The company was founded in 1991.

People
Vitruvian Partners – Ben Johnson (partner).
Livingbridge – Adam Holloway (partner).
Sykes Holiday Cottages – Graham Donoghue (CEO).

Advisers
Equity - Mayer Brown (legal).
Vendor - Travers Smith, James Renahan, Tom Hartwright, Eve Dwyer (legal).
Management - Travers Smith, Edmund Reed, Will Yates, Sally Hirst, Russell Warren (legal).

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• Topics
• Exits
• Buyouts
• UK / Ireland
• Consumer
• United Kingdom
• Livingbridge
• Vitruvian Partners
• Secondary buyout