- Region: Europe
- Sector: Consumer
- Stage: Small/Mid buyout
- Type: Primary
- Fund Vintage: 2018
- Exit Type: Secondary budget
Private Equity Manager (GP)
About the company
Travel Chapter is a technology-enabled travel platform for self-catering holidays. Its headquarters are in Devon in the UK with a talented team of highly expert people and its leading brand, holidaycottages.co.uk, specialises in holidays across England, Scotland and Wales.
- Acquisition of a leading UK holiday cottage platform with a strong track record of organic growth (new and repeat bookings, revenue and EBITDA growth c. 30% at entry).
- Deep immediate pipeline of M&A opportunities already identified at entry, with management having a demonstrated track record of successful bolt-on acquisitions.
- Large addressable market with sustainable tailwinds with proven resilience through economic cycles.
- ECI Partners (“ECI”) was able to gain preferential access to the opportunity as a result of a 20+ year track record in the travel sector and a 15-year relationship with the management team.
- PIP is a primary investor in four ECI funds and Pantheon holds an advisory board seat in each fund.
Active management and value creation
- Seven bolt-on acquisitions between February 2019 and December 2021, significantly expanding the geographic footprint and property base of the business.
- Executed the largest transaction to date of “Sally’s Cottages”, adding 500+ properties in the Lake District.
- Supported the business with organic property growth, resulting in a significant uptick in sign-ups (1,502 in 2021 vs. 1,024 in 2019).
- Helped develop the technology team and a data team that implemented several data improvement projects.
- The business traded strongly through COVID-19, with annual revenue and EBITDA growth of 38% and 50% over the three-year investment period.
- Travel Chapter was acquired by Intermediate Capital Group in December 2021, providing an exit for ECI and for PIP and generating a 2.6 times cost multiple and 36% annual return over three years.
You may also like
PIP's global, diversified portfolio gives exposure to many high quality managers, sectors and companies.Find out more
Our investment process
We have a rigorous and detailed approach to selecting our private equity managers and assessing deals.Find out more