Livingbridge reinvests in Vitruvian's Sykes

Vitruvian acquired a majority stake in Sykes from Livingbridge in October last year via its Vitruvian Investment Partnership III fund, which closed on €2.4bn in 2017. The vehicle typically writes equity cheques of €25-200m. Management reinvested in the company as part of the transaction.

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

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

Most recently, Sykes bought UK cottage rental agency Pure Cottages Group from LDC. The various Pure Cottages brands will join Sykes's portfolio of regional brands, such as Cornish Cottage Holidays, Helpful Holidays and Menai Holidays.

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
Livingbridge – Adam Holloway (partner).

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• Topics
• Expansion
• UK / Ireland
• Consumer
• Livingbridge
• Vitruvian Partners
• United Kingdom