Rockpool Investments exits TrustedHousesitters in $100m deal
Rockpool Investments (“Rockpool”) has exited its investment in TrustedHousesitters to Mayfair Equity Partners (“Mayfair”). The transaction values the business at over $100m and delivers a strong return for Rockpool investors. Rockpool is re-investing alongside Mayfair to support TrustedHousesitters in its next phase of growth.
TrustedHousesitters is a global pet-care community which connects pet owners with pet sitters, creating value on both sides of its marketplace, which sits at the intersection of pet care and travel. 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 world 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 operation to more than 140 countries and saves pet owners and travellers thousands of pounds annually in accommodation and pet care costs.
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 utility, reliability, and adventure delivers a memorable experience for pet owners and sitters. This leads to exceptional customer satisfaction scores which in turn drive word-of-mouth recommendations, with the majority of customer acquisitions emanating from referrals. During Rockpool’s investment period, TrustedHousesitters’ membership base grew from 65,000 in 2018 to over 200,000 in 2023.
Guy Ellis (Partner) and Tom Coey (Investment Director) led the original investment and exit on behalf of Rockpool.
“We are delighted with how TrustedHousesitters has performed over the Rockpool investment period. The management team, led by Mathew Prior (CEO), have delivered exceptionally strong growth in the business, all whilst keeping the ethos of the brand at the heart of everything they do. We look forward to re-investing alongside Mayfair as the business continues to accelerate its international expansion.”
Guy Ellis, Partner
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).
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).
ABOUT ROCKPOOL
Rockpool Investments is a private equity firm dedicated to creating opportunities for high-net-worth individuals to invest in private companies. Rockpool provides equity and loan financing of between £5m to £15m to profitable UK-based private companies and has invested over £650m since inception.
