Genesis Private Equity (‘Genesis’) today announced that it has sold its ~ 24% stake in Bachcare Ltd (‘Bachcare’) to UK-based Sykes Holiday Cottages . Bachcare is New Zealand’s largest full-service Manager of holiday homes with 2,000 homes under management across 150 domestic locations.
Since Genesis’ investment in October 2017, the company has materially increased both revenue and earnings through the significant addition of holiday homes under management (‘HUM’). Other milestone events occurring during GPE’s co-ownership include:
- Development and Implementation of significant inhouse systems to handle increased HUM and booking volumes.
- Addition of several key senior staff to assist CEO Leslie Preston drive the businesses’ growth strategy across New Zealand.
- Acquired several smaller regional businesses and brought those managed homes under Bachcare’s management.
Leslie Preston, CEO of Bachcare says the investment will be used to continue to grow the Bachcare domestic business and ‘enhancing its guest and owner experiences’ as it now has ‘access to technology, tools, people and insights of Sykes’.
Sykes is one of the UK’s largest independent holiday rental agencies with 14,000 properties managed across the UK and Ireland.
Sykes Chief Executive Graham Donoghue says ‘There is huge respect for the business Leslie has built over the past 15-years, and by learning from each other’s expertise, we are confident that Sykes Holiday Cottages can continue growing in the UK, that Bachcare will maintain its growth in New Zealand, and that together, we can enter other new markets around the world.’
In relation to Genesis previous involvement Ms Preston says ‘We are very grateful to Genesis for believing in Bachcare and partnering with us to grow the business over the last 17-months’.
This is Genesis’ first liquidity event from its first fund which closed in June 2016 and Executive Director Nathan Mills says Genesis was pleased with the outcome for its investors.