Disrupting the digital marketplace with a new age solution to an age-old problem

Transaction

Rockpool Investments sold TrustedHousesitters to Mayfair Equity Partners

Sell-side

$100m>

Role

Adviser on the sale of TrustedHousesitters to Mayfair Equity Partners

Sector

Consumer
Tech & Tech Services

Region

Clearwater, working together with our US partner KeyBanc Capital Markets, have advised the shareholders of TrustedHousesitters, a global category defining subscription-based pet-sitting and travel community, on its sale to Mayfair Equity Partners (Mayfair). The sale marks an exit for investor Rockpool, who will also be reinvesting alongside Mayfair. The transaction values the business at over $100m.

TrustedHousesitters is the leading travel solution for pet people which connects pet owners with pet sitters around the world. 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 globe 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 operations to more than 140 countries and saves pet owners and travellers millions of pounds annually in accommodation and pet care costs.

Mayfair is partnering with Mathew Prior, TrustedHousesitters' CEO, and the management team to accelerate growth and support product innovation across its core markets in the US, the UK, Europe, and Australia. Mathew joined TrustedHousesitters in 2019, bringing over 30 years of experience in the travel industry to the company from his roles at Travelopia and TUI plc.

TrustedHousesitters recorded 158% year-on-year growth in 2022, supported by a rising pet population, the accelerated digitisation of pet services and a return of travel. TrustedHousesitters’ unique combination of a pet-loving community, reliability, and adventure delivers a memorable experience every time for pet owners and sitters. This leads to exceptional customer satisfaction scores which in turn drive recommendations, with more than 60% of customers hearing about TrustedHousesitters via word of mouth.

Alongside the UK team, Clearwater was supported by US partner KeyBanc Capital Markets, led by Managing Director Tom Mazzucco and Director Jonathan Kline.

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. Thanks to Clearwater and KeyBanc’s guidance, expertise and belief we have achieved a fantastic exit and a great new partner going forward. The way they sequenced the buildup, corralled all the parties and got us into a competitive bid situation was very impressive. The final negotiations were expertly handled and then the shift put in by the deal team over the last few weeks to get it done in a very tight timeline has been remarkable.
Mathew Prior, Chief Executive Officer, TrustedHousesitters

It has been an absolute pleasure working with TrustedHousesitters on this transaction. Like all of the best digital marketplaces, TrustedHousesitters is disrupting its category, providing a new age solution to the age-old problem of overnight pet care. In Mayfair, the business has secured the ideal partner to support the management team’s global growth ambitions. TrustedHousesitters sits at the intersection of travel, pet and digital marketplaces, three of the most attractive categories for consumer M&A, and we continue to see great interest for prime assets from both strategic and financial investors. This is the fourth travel deal that our UK consumer team advised on in 2023, with an aggregate transaction value of over $500m, cementing our position as the leading mid-market adviser in travel.
Christopher Jones, Managing Partner, Clearwater