Private equity firm Mayfair Equity Partners has backed a management buyout at TrustedHousesitters.
The subscription-based pet-sitting and travel community recorded 158% year-on-year growth in 2022, supported by a rising pet population, the accelerated digitisation of pet services and a return to historical rates of travel.
Since its founding in 2010, the company has facilitated over 10 million nights of pet sitting and has grown its operations to more than 140 countries.
Mayfair is partnering with Mathew Prior, TrustedHousesitters’ CEO, and the management team to accelerate growth and support product innovation across its core markets in the US, the UK, Europe, and Australia.聽
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.聽
Mayfair is a dedicated technology and consumer investor with over 拢2 billion in assets under management. It will hold a majority stake in the business alongside the management team. Rockpool will exit their stake in TrustedHousesitters and reinvest alongside Mayfair.聽
The transaction values the business at around 拢80m. Additional deal terms have not been disclosed.聽
鈥淧et parents know that pets are more comfortable at home than in kennels, boarding facilities or even with friends and family,鈥� said Prior. 鈥淎t the same time, there are millions of pet lovers throughout the world who seek authentic, sustainable, and cost-effective travel experiences.聽
鈥淚鈥檓 proud of our platform鈥檚 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.鈥澛�
Kunal Dasgupta, partner at Mayfair Equity Partners, commented: 鈥淭rustedHousesitters 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.聽
鈥淲e鈥檙e 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鈥檙e excited to partner with Mathew and his team on the next stage of their journey.鈥�