PCP III has provided capital to the serviced apartment provider Staycity Investments Limited (“Staycity”). The capital will be used to enable the current owners to repurchase a minority stake in the Company. After the transaction, Staycity will be majority owned by its founders, Tom and Gerard Walsh.
Staycity was founded in Dublin in 2004 to provide corporate and leisure travelers with a mid-market, cost-effective and user-friendly alternative to hotel accommodation. Today, Staycity is one of Europe’s leading serviced apartment operators with over 1,000 apartments in the UK, Ireland and France and a pipeline for new developments that will take this to over 2,200 over the next couple of years. The market for serviced apartments is growing rapidly, and Europe is still far behind in penetration compared to more mature markets.
P Capital Partners considers Staycity to have a strong position in an expansive and interesting niche of the travelling industry. We believe that Staycity is well positioned to continue to grow with their strong value proposition and efficient operations. We are looking forward to working closely together with the owners and management to support the company in its growth ambitions for the future.