Category-defining pet-sitting marketplace community available in over 140 countries
Pet and travel tech innovator delivered 158% year-on-year growth in 2022
Mayfair to support product and technology innovation and marketing initiatives
Pet and travel sectors expected to grow to $369 billion by 2030 and $1,016 billion by 2027, respectively[1]
LONDON, Dec. 20, 2023 /PRNewswire/ — Mayfair Equity Partners, a dedicated technology and consumer investor with over £2 billion in assets under management, is backing a management buyout of TrustedHousesitters, a category-defining, subscription-based pet-sitting and travel community. Mayfair will hold a majority stake in the business alongside the management team. Rockpool will exit their stake in TrustedHousesitters and reinvest alongside Mayfair. The transaction values the business at over $100 million. Additional deal terms have not been disclosed.
TrustedHousesitters is the leading travel solution for pet people which connects pet owners with pet sitters around the world. Pet owners can find verified sitters to look after their pets while they’re away from home and, in return, sitters are able to visit destinations across the globe for a unique and rewarding travel experience. Since its founding in 2010, the company has facilitated over 10 million nights of pet sitting, has grown its operations to more than 140 countries and saves pet owners and travellers thousands of pounds annually in accommodation and pet care costs. The pet care and travel sectors are expected to grow to $369 billion by 2030 and $1,016 billion by 2027, respectively.[1]
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. Mathew 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. Under Mathew’s leadership, the company has undergone significant growth while improving balance sheet management and profitability.
TrustedHousesitters 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. TrustedHousesitters’ unique combination of a pet-loving community, reliability, and adventure delivers a memorable experience every time for pet owners and sitters. This leads to exceptional customer satisfaction scores which in turn drive recommendations, with more than 60% of customers hearing about TrustedHousesitters from word of mouth.
Mathew Prior, CEO, said: “Pet parents know that pets are more comfortable at home than in kennels, boarding facilities or even with friends and family. At the same time, there are millions of pet lovers throughout the world who seek authentic, sustainable, and cost-effective travel experiences. I’m proud of our platform’s 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.”
Kunal Dasgupta, Partner at Mayfair Equity Partners, commented: “TrustedHousesitters 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. We’re 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’re excited to partner with Mathew and his team on the next stage of their journey.”
Advisors to Mayfair on the transaction included Torch Partners (corporate finance), OC&C (commercial), PwC (financial and tax), Goodwin Proctor (legal counsel), and Palladium (digital and technology).
TrustedHousesitters shareholders were advised by Clearwater International and KeyBanc Capital Markets (M&A), Taylor Wessing (legal), PwC Strategy& (commercial), Claritas (tax) and Fox Williams (insurance).
Management were advised by Liberty Corporate Finance (M&A), Mishcon De Reya (legal) and Cooper Parry (tax).
[1] Sources: https://www.fortunebusinessinsights.com/pet-care-market-104749; https://www.statista.com/outlook/mmo/travel-tourism/worldwide
About TrustedHousesitters
TrustedHousesitters is the leading travel solution for pet people; a global community whose love of pets and travel enables home sharing and pet caring all over the world. The service was founded in Brighton, UK in 2010 and has over 200,000 members in more than 140 countries, responsible for 10 million nights of pet sitting. A subscription gives unlimited access to short and long-term sits with no further money changing hands. Sitters explore the world while staying in real homes and enjoying the companionship of pets. Meanwhile, owners enjoy freedom and peace of mind by prioritising their pets’ well-being at home with a trusted companion.
About Mayfair Equity Partners
Mayfair Equity Partners is a dedicated technology and consumer investor, with assets under management of over £2 billion. Mayfair’s investment philosophy centres on backing people and their ideas, working with founders and management teams to help them realise their ambitions. Mayfair’s model of Active Partnership includes a senior team of dedicated functional Specialists who support portfolio companies with business process improvement initiatives that help unlock their full potential.
Mayfair has an established track record of supporting fast-growing, sector-defining companies, including Ovo, a digital challenger which has scaled to become the third largest provider in the UK retail energy sector; LoopMe, a leading brand-focused mobile advertising platform; and Tangle Teezer, the category defining British haircare brand. For more information, please visit www.mayfairequity.com.
Contact Mayfair Equity Partners Charlie Harrison
The One Nine Three Group
Charlie.harrison@the193.com
+44-788-4136-143
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