MMC investment, Love Home Swap, acquired by Wyndham Worldwide in £40m deal
RCI, part of the Wyndham Worldwide family of brands (NYSE: WYN), has acquired London-based Love Home Swap, one of the world’s largest home exchange programs. Through the acquisition, RCI adds a company that complements its existing business, broadens its appeal to a new base of holidaymakers and strengthens its position as a leader within the global alternative holiday accommodation sector.
“Since first pioneering the vacation exchange concept more than 40 years ago, RCI has continually found new ways to evolve and grow its own business while also propelling the exchange industry further,” said Gordon Gurnik, president of RCI. “Through this acquisition we expand the exchange options we offer travelers and strengthen our footprint in key growth markets across the globe.”
As part of the RCI family of brands, Love Home Swap will benefit from the core competencies RCI has developed over the past four decades as the leader in vacation exchange, including inventory management, member marketing and analytics. The company will also enjoy the added resources that come with being part of a global hospitality leader like Wyndham Worldwide, along with potential access to its portfolio of accommodation options around the world.
Love Home Swap, which has established a strong, loyal consumer base, will continue to run as an independent brand and be marketed separately from RCI. However, the similarities among these exchange-oriented businesses will allow for greater collaboration between the companies to foster growth and provide future travel benefits to their respective members.
RCI’s acquisition of Love Home Swap builds upon a previous investment in the company in 2015. Love Home Swap Founder, Debbie Wosskow, will remain on as an advisor to ensure a smooth transition into the RCI family. Ben Wosskow, formerly chief commercial officer, has been appointed to managing director and will oversee the daily operations of the business.
“I’d like to thank the team and everyone involved in driving Love Home Swap forward,” said Debbie Wosskow. “Dedication and hard work has yielded fantastic results in a short space of time and this is a real global success story for the UK sharing economy. We’re delighted to join the RCI family and are excited to work closely with them to help shape the future of the travel industry together.”
RCI is the worldwide leader in vacation exchange with over 4,300 affiliated resorts in nearly 110 countries. RCI pioneered the concept of vacation exchange in 1974, offering members increased flexibility and versatility with their vacation ownership experience. Today, through the RCI Weeks® program, the week-for-week exchange system, and the RCI Points® program, the industry’s first global points-based exchange system, RCI provides flexible vacation options to its 3.8 million RCI® subscribing members each year. RCI’s luxury exchange program, The Registry Collection® program, is the world’s largest program of its kind with approximately 200 affiliated properties either accessible for exchange or under development on six continents. RCI is part of Wyndham Destination Network and the Wyndham Worldwide family of brands (NYSE: WYN). For additional information visit our media center or rciaffiliates.com. RCI also can be found on Facebook, Instagram, YouTube and Twitter.
About Love Home Swap
Established by UK entrepreneur Debbie Wosskow, Love Home Swap has been helping travelers enjoy better holidays through the power of sharing for over six years. It’s a super simple idea. You choose where you want to go and a property you want to stay in, make the swap (either directly with the owner or through a clever Swap Points system) and then sit back and enjoy hassle-free holidays without a hefty accommodation bill. With unprecedented access to thousands of great quality properties around the world, there’s something to suit everyone’s taste and style.
About MMC Ventures
Founded in 2000, MMC Ventures is a London-based venture capital firm investing in high-growth technology businesses that have the potential to change the future of financial services, the workplace and retail environment. MMC has invested in more than 50 companies and focuses on enterprise software and consumer internet investments. MMC currently has over £190 million under management and is investing £20 million+ annually.
MMC’s existing portfolio includes; Appear Here, Bloom & Wild, CloudSense, Elder, Gousto, Interactive Investor, Masabi, NewVoiceMedia, Signal Media, SafeGuard, Sky-Futures, Small World FS and Tyres on the Drive.