Firm put a planned IPO on ice at the end of 2021 due to market volatility
Holidaycottages.co.uk parent Travel Chapter sold to management
Private equity firm ECI Partners has sold self-catering holiday rentals Travel Chapter to the management team, supported by investment from Intermediate Capital Group (ICG).
Travel Chapter offers about 8,000 properties across the UK, and features brands such as Holidaycottages.co.uk (pictured), Canine Cottages and Cottages & Castles.
ECI acquired stake in Travel Chapter in 2018, and the business has since grown, both organically and through seven acquisitions.
In June 2021, the business made its largest acquisition to date, acquiring the Sally’s Cottages brand, which has more than 500 properties in the Lake District.
Jayne McClure, chief executive of Travel Chapter, said: “ECI have been highly supportive in helping Travel Chapter deliver on both organic and acquisitive growth.
“Our shared alignment on the importance of both owners and customers helped us to attract fantastic new properties and continue to deliver our exceptional customer service as we have scaled.
“I’d like to thank them for a successful partnership and I look forward to working with ICG over the coming years as we continue to deliver on the growth potential of the Travel Chapter brands.”
George Moss, partner at ECI, added: “Jayne and the team have done a fantastic job building the business through both M&A and organic growth and shown great leadership of a resilient business against a challenging Covid backdrop.
“Travel Chapter’s focus on high quality properties and excellent owner and customer service means they are really well placed to benefit from the enhanced long-term growth trends in the staycation sector.”
James Roddis, managing director at ICG, commented: “We are delighted to partner with Travel Chapter’s exceptional management team, who have succeeded in building a market leading holiday rental platform, offering fantastic service to both property owners and customers.
“We believe there is huge further growth potential for the business and we are looking forward to working with Jayne and the wider management team in the next exciting stage in Travel Chapter’s journey.”
ICG already owns Park Holidays UK, which has 42 holiday parks.
Travel Chapter was reported previously to have been working on an IPO, advised by Houlihan Lokey, an American investment bank.
In November 2021, a plan by Travel Chapter to go public was delayed due to “market volatility”.
The IPO plan had been announced in October, attracting interest from investors on the back of a boom in staycations.