Genesis Private Equity (‘GPE’) is delighted to announce it has purchased a stake in Bachcare Limited, the largest full-service manager of Holiday Homes in New Zealand.
Bachcare currently manages over 1,500 holiday homes throughout the country and hosts over 130,000 guests per annum in these homes.
The acquisition of the 24% stake (via the special purpose vehicle GPE BCL Limited Partnership), will facilitate Bachcare’s ongoing growth trajectory, via financing a technology project, supporting the Senior Leadership Team and providing funding for business acquisition opportunities.
GPE’s Executive Director, Nathan Mills, says it is excited to be investing in a business doing great things for New Zealand’s tourism industry. “Bachcare is ideally placed to be able to grow through our Partnership by providing domestic and international travellers with high-quality accommodation options across more than 140 iconic domestic locations”.
“We’re thrilled to be partnering such a high caliber group of people including Staff, Management and Bachcare’s Board”.
GPE Director Paul Davis has joined Bachcare’s board.
Leslie Preston, CEO and Founder of Bachcare says Genesis’s investment will enable Bachcare to continue to grow.
“We think we can still triple in size over the next few years and to do that requires a lot of investment, and we thought it was prudent as a business that we bring in extra funding to make sure that we’ve got the comfort to push some boundaries.”
Given this is the first external capital invested into Bachcare, Ms. Preston confirmed the choice of partner was important. “We found Genesis’ values aligned to us, humble honest people acting with integrity. They’ve had a lot of experience in their respective domains. That was really important to us.”
“Genesis’ investment will enable us to continue to expand and give more travellers throughout New Zealand an opportunity to ‘find their happy place’”.
This is Genesis’ third investment after closing their first Fund in June 2016.
Bachcare founder Leslie Preston pictured with GPE Director Paul Davis discussing Bachcare’s future growth plans at the Bachcare’s Auckland head office.