Phoenix is pleased to announce that it has sold its stake in Travel Chapter to ECI Partners, a UK growth-focused private equity firm. The sale of Travel Chapter delivers a return of 3.6x investment cost and a 62% IRR for investors in Phoenix’s 2016 Fund. Financial terms are not being disclosed.

Founded in 1989, 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 Holidaycottages.co.uk 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, 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. Jamie will continue to lead the business through the next stage of its growth.

Will Skinner, Partner at Phoenix, said: “We’re delighted to have been part of the Travel Chapter story. It’s a terrific example of how we can partner with a talented team and use our capital to rapidly and materially grow a business together. We wish the team and the new investors every success in the years to come.”

Jamie Morris, CEO of Travel Chapter, said: “Phoenix have been fantastic partners over the last few years and I would like to thank them for their support and experience, which have proven invaluable. I look forward to working with ECI over the coming years as we continue to grow the business.”