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Travers Smith advises Phoenix Equity Partners on the sale of Travel Chapter


Travers Smith has advised long-standing client Phoenix Equity Partners (Phoenix), Jamie Morris and the senior management shareholders on the sale of Travel Chapter to ECI Partners.

Travel Chapter is a leading, technology-driven, marketing platform for holiday lettings in the UK. Devon-based Travel Chapter markets over 5,000 properties across the UK through its flagship website and other domains. The business provides a compelling holiday lettings proposition to both property owners and customers, through its sophisticated marketing capabilities and highly rated customer service model.

Phoenix partnered with Travel Chapter’s CEO and founder (Jamie Morris) in 2016 to support the expansion of the business through a combination of organic and acquisitive growth. During the course of Phoenix’s investment, 20 acquisitions were completed, the number of properties under management and the number of employees more than doubled, and profits increased threefold. The sale of Phoenix's stake in the business has generated a return of 3.6x investment cost.

The Travers Smith team advising on the sale was led by Private Equity Partner James Renahan, who was supported by Private Equity Senior Associate Victoria Bramall and Private Equity Associates Eve Dwyer and Oliver Murphy. Specialist advice was provided by Tax Partner Kathleen Russ and Finance Partner Andrew Gregson. A separate Travers Smith team led by Private Equity Partner Edmund Reed, supported by Private Equity Associate Robert Coward, advised senior management of Travel Chapter on their reinvestment.

GCA Altium (corporate finance), EY (financial and tax) and PwC (commercial) provided sell-side advice. Liberty Corporate Finance also acted as financial adviser to management.

Goodwin Procter (a team led by Richard Lever) provided buy-side legal advice to ECI Partners.

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