Cheshire based Sykes Holiday Cottages has been bought by a private Equity Company for a reported £375m.
Vitruvian Partners were former backers of both Just Eat and Skyscanner and won the race for the Holiday Cottage rental Company over private equity duo L Catterton and Clayton Dubilier & Rice.
Sykes manages more than 17,500 properties and has acquired 12 businesses, including the 2,000-strong New Zealand rental property firm Bachcare.
The new investment will go towards technology and people, Sykes said. It has plans to send 3.5 million people on holiday each year by 2023 and grow its workforce to more than 1,000 people.
“We’re excited about this next phase in the Sykes story,” Graham Donoghue, chief executive of Sykes Holiday Cottages, said. “We’ve transformed the business within the last five years with the unwavering support from the Livingbridge team, and we are now in a strong position to scale further in what is a booming staycation market”
Ben Johnson, partner at Vitruvian Partners, said: “In Sykes we have found a team with a mission to become a global category leader and we hope to support that with our experience and capital.”
“Sykes Holiday Cottages is a fantastic business, and we are delighted to have supported its development and growth,” Livingbridge partner Adam Holloway added.