CVC Credit finances Livingbridge's World of Books buyout

Greg Gille
@unquotenews
16 July 2021

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CVC Credit has provided the debt facilities to support Livingbridge’s recent acquisition of World of Books, a UK-based online reseller of secondhand books, from Bridges Fund Management.

CVC is the sole lender, providing two facilities: a first lien loan and an acquisition facility. Further details remain undisclosed.

The World of Books deal was announced in early July. Sources close to the deal told Unquote that the company was purchased at an EV in the range of GBP 150m and GBP 175m, and that PE firms Graphite Capital, Equistone, Oakley Capital, and Palamon Capital Partners were also vying for the company.

Bridges, which will remain invested in the company as a minority shareholder, partially exited the company five years after it acquired a stake of slightly more than 50% in World of Books in 2016 for GBP 13m at an EV of GBP 25m.

Livingbridge made the investment from its GBP 1.2bn Livingbridge 7 fund, which held an interim close in May 2021.

Founded in 2008 and headquartered in Goring-by-Sea, West Sussex, World of Books is an online reseller of books. In 2021, the company expects to generate revenues of GBP 100m.