Inflexion sells off On the Beach block

The sale, completed at a price of 280 pence per share, halves Inflexion's holding in the company to 11.8%.

Inflexion bought On the Beach in a £73m secondary buyout from Livingbridge (formerly Isis Equity Partners) in 2013 with the goal of boosting the firm's UK expansion. It floated the company in 2015, raising £90.2m in a deal that valued the firm at £240m, and has since been gradually reducing its stake in the firm.

The capital for the original deal came from Inflexion's £375m 2010 buyout fund, which has realised five of its seven investments.

Numis Securities acted as the sole global coordinator of the sale.

Previous funding
On the Beach was acquired by Livingbridge in 2007 in a deal believed to be around £40m.

The company
Founded in Macclesfield in 2004, On the Beach is an online retailer of beach holidays with around 300 employees.

Its revenue increased by 13% to £71.3m in the year to September 2016, with group operating profit before amortisation and exceptional costs rising 30.3% to £22.8m.

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• Topics
• Exits
• UK / Ireland
• Consumer
• Partial sale
• Inflexion Private Equity