Secondary Buyout • Leisure

Vitruvian Partners, HarbourVest Partners and Livingbridge Acquire Sykes Holiday Cottages

On October 28, 2019, private equity firms Vitruvian Partners, HarbourVest Partners and Livingbridge acquired leisure company Sykes Holiday Cottages from Livingbridge

Acquisition Context
  • This is Vitruvian Partners’ 1st, HarbourVest Partners’ 3rd and Livingbridge’s 3rd transaction in the Leisure sector.
  • This is Vitruvian Partners’ 23rd, HarbourVest Partners’ 16th and Livingbridge’s 115th transaction in the United Kingdom.

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M&A Deal Summary

Date October 28, 2019
Target Sykes Holiday Cottages
Sector Leisure
Buyer(s) Vitruvian Partners
HarbourVest Partners
Livingbridge
Sellers(s) Livingbridge
Deal Type Secondary Buyout
Advisor(s) Harris Williams (Financial)

Target Company

Sykes Holiday Cottages

Cheshire, United Kingdom
Sykes Holiday Cottages is an independent holiday cottage rental agency, that offers a fantastic choice of over 17,500 holiday homes across the UK, Ireland and New Zealand – from cosy cottages for two to larger properties that sleep 20 or more. Sykes Holiday Cottages was founded in 1991 and is based in Cheshire, United Kingdom.
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Buyers Overview 3

Buyer

Vitruvian Partners

London, United Kingdom

Category Private Equity Firm
Founded 2006
PE ASSETS 20.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Vitruvian Partners is an independent private equity firm that specializes in middle-market buyouts, growth buyouts and growth capital investments in the UK and elsewhere in Northern Europe. Vitruvian looks for companies that are 'operating in dynamic situations, where there is an opportunity to build strategic value'. The Group's target investment size is €40 to €600 million in transactions valued between €75m to €4bn. Sectors of interest include business services, consumer services, financial services, life science, healthcare services, media, technology, communications, and internet software. Vitruvian Partners was formed in 2006 and is based in London.


Deal Context for Buyer #
Overall 40 of 69
Sector: Leisure 1 of 1
Type: Secondary Buyout 9 of 17
Country: United Kingdom 23 of 28
Year: 2019 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-14 Storytel

Stockholm, Sweden

Storytel is an operator of the audiobook market. Storytel's subscribed audiobook and e-book streaming services offer access to listen to and read more than 700,000 titles on a global scale. Storytel was founded in 2006 and is based in Stockholm, Sweden.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-04 Ebury Partners UK

London, United Kingdom

Ebury Partners UK Ltd. is a global finance specialist operates on a unique worldwide distribution platform underpinned by a data-driven business model and offers best-in-class customer experience and product capabilities. Ebury was formed in 2009 and is based in London.

Sell -
Buyer

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1978
PE ASSETS 147.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.


Deal Context for Buyer #
Overall 202 of 214
Sector: Leisure 3 of 3
Type: Secondary Buyout 48 of 55
Country: United Kingdom 16 of 17
Year: 2019 8 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-05 Sea Swift

Cairns, Australia

Sea Swift is a shipping business in remote locations (regular cargo business, project business, and fishing support). Sea Swift was founded in 1987 and is based in Cairns, Australia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-04 SevOne

Wilmington, Delaware, United States

SevOne, Inc. delivers comprehensive real-time IT infrastructure monitoring, troubleshooting and performance reporting solution. The company invented a proprietary, next-generation distributed technology, called the SevOne Cluster™, that combines the cutting edge principles behind peer-to-peer sharing and big data analytics to scale smoothly so that millions of IT elements, across all monitoring technologies, can be managed and provide a single view to the user. SevOne was formed in 2005 and is based in Wilmington, Delaware.

Sell -
Buyer

Livingbridge

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1995
PE ASSETS 3.8B GBP
Size Large
Type Sector Agnostic
DESCRIPTION

Livingbridge is a UK-based investment group focused on investing in and growing mid-sized companies. The Firm targets businesses seeking £15 to £300 million of capital. Prospective companies should have 'ambitious mangement', scalable business models, and potential for market leadership. Sectors of interest include technology, media, communications, consumer products/services, healthcare, and education. Livingbridge was formed in 1995 and is based in London.


Deal Context for Buyer #
Overall 126 of 150
Sector: Leisure 3 of 3
Type: Secondary Buyout 13 of 22
Country: United Kingdom 115 of 132
Year: 2019 7 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-09 Nationwide Hire Solutions

Fareham, United Kingdom

Nationwide Hire Solutions provides major plant and machinery, equipment, tools and specialist services to companies operating across a wide range of sectors including construction, facilities management, retail, events, waste management and crisis support. Nationwide Hire Solutions was formed in 1995 and is based in Fareham, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-03 Fresh Tandartsen

Bodegraven, Netherlands

Fresh Tandartsen is a dental group, focused on a high-quality and patient centric-approach. Fresh Tandartsen was founded in 2014 and is based in Bodegraven, Netherlands.

Buy -

Seller Profile 1

SELLER

Livingbridge

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1995
PE ASSETS 3.8B GBP
Size Large
Type Sector Agnostic
DESCRIPTION

Livingbridge is a UK-based investment group focused on investing in and growing mid-sized companies. The Firm targets businesses seeking £15 to £300 million of capital. Prospective companies should have 'ambitious mangement', scalable business models, and potential for market leadership. Sectors of interest include technology, media, communications, consumer products/services, healthcare, and education. Livingbridge was formed in 1995 and is based in London.


Deal Context for Seller #
Overall 80 of 102
Sector: Leisure 2 of 2
Type: Secondary Buyout 33 of 44
Country: United Kingdom 74 of 92
Year: 2019 6 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-09 Nationwide Hire Solutions

Fareham, United Kingdom

Nationwide Hire Solutions provides major plant and machinery, equipment, tools and specialist services to companies operating across a wide range of sectors including construction, facilities management, retail, events, waste management and crisis support. Nationwide Hire Solutions was formed in 1995 and is based in Fareham, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-03 Fresh Tandartsen

Bodegraven, Netherlands

Fresh Tandartsen is a dental group, focused on a high-quality and patient centric-approach. Fresh Tandartsen was founded in 2014 and is based in Bodegraven, Netherlands.

Buy -