We present a new variable-to-variable compressor (saetdc) that uses words and phrases as the source symbols, which are encoded with a variable-length scheme. The phrases are chosen using the longest common prefix information on the suffix array of the text, so as to favor long and frequent phrases. We obtain compression ratios close to those of p7zip and ppmdi, overcoming bzip, and 8-10 percentage points less than the equivalent word-based compressor. Saetdc is in addition among the fastest to decompress, and allows efficient direct search of the compressed text, in some cases the fastest to date as well.