Livingbridge divests Luxury for Less in trade sale
Livingbridge has sold its stake in online bathroom products retailer Luxury for Less to trade player Wolseley plc, less than two years after investing.
Livingbridge (then Isis Equity Partners) injected £8.5m into Luxury for Less, which operates via the bathempire.com website, in July 2013. The investment was completed through the Baronsmead VCTs and Isis Growth I vehicles, according to unquote" data.
Luxury for Less reported revenues of £14m at the time– turnover now stands at £26m. The business also moved into new premises in Nuneaton, which doubled the size of its previous base, according to Living Bridge.
Wolseley has so far acquired a "substantial" stake, with an option to buy the remaining equity at a later date.
Company
Founded in 2009 and with a workforce of 150 – up from 96 at the time of Living Bridge's investment – Luxury for Less sells bathroom products to consumers via its bathempire.com website.
People
Matt Upton led the deal for Livingbridge.
Advisers
Equity – Eversheds (Legal); KPMG (Corporate finance).
Acquirer – Freshfields Brukhaus Deringer (Legal); Sentio Partners (Corporate Finance).
More on UK / Ireland
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote
Permira to take Ergomed private for GBP 703m
Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO
Partners Group to release IMs for Civica sale in mid-September
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater
Latest News
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote
Permira to take Ergomed private for GBP 703m
Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO
Partners Group to release IMs for Civica sale in mid-September
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater