Mayfair to support product and technology innovation and marketing initiatives
![Mayfair Equity Partners backs management buyout of TrustedHousesitters for $100M](https://2.cdn.travolution.com/dynamic-images/27000-27999/27541/27541_c=(0,0,529,57)_w=800_h=87.png?v=20230522122229)
Mayfair Equity Partners backs management buyout of TrustedHousesitters for $100M
Technology and consumer investor Mayfair Equity Partners has announced it is backing a management buyout of UK-based pet-sitting and travel subscription community.
Mayfair will hold a majority stake in the business alongside the management team, while Rockpool will exit their stake in TrustedHousesitters and reinvest alongside Mayfair.
The transaction values the business at over $100 million but additional deal terms have not been disclosed.
Since its founding in 2010, the pet-sitting and travel community firm 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, CEO of TrustedHousesitters, and the management team to "accelerate" growth and "support product innovation" across its core markets in the US, the UK, Europe, and Australia.
The firm has recorded a 158% year-on-year growth in 2022. Prior 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 of Mayfair Equity Partners, said: “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 the corporate finance team at Torch Partners, the commercial team at OC&C, the financial and tax team at PwC, the legal counsel team at Goodwin Proctor and the digital and technology team at Palladium.
TrustedHousesitters shareholders were advised by Clearwater International and KeyBanc Capital Markets on M&A, Taylor Wessing for legal, PwC for strategy and commercial, Claritas on tax and Fox Williams on insurance.
Management were advised by Liberty Corporate Finance on M&A, Mishcon De Reya on legal and Cooper Parry on tax.