Livingbridge acquires Love Holidays

Financial details of the transaction remain undisclosed, though a recent report by Sky News stated the deal was expected to value the business at around £180m.

Livingbridge is currently investing from its £660m sixth flagship fund, which closed in September 2016. The GP previously invested in the online travel agents space by backing On The Beach, which it sold to Inflexion in 2013 for £73m.

Under its new owners, Love Holidays will expand its range of holidays into new categories and invest in product development and marketing activity. The business has received backing from institutional fund managers before, with Charlotte Street Capital providing it with a £2m seed round in May 2011.

Livingbridge declined to comment on the deal valuation.

Debt
Permira Debt Managers provided a debt package to support the latest transaction.

Company
Founded in 2012 and headquartered in London, Love Holidays provides holiday packages, including all-inclusive, self-catering and half-board stays. It has a headcount of 140.

The company generated a turnover of £23.2m in the year ending in October 2016, according to publicly available documents, with EBITDA before exceptional costs of £2.5m. However, it has been growing at a fast rate, with the 2016 turnover up 60% and EBITDA up 41% year-on-year.

People
Livingbridge – Daniel Smith (partner).
Love Holidays – Alex Francis (CEO).

Advisers
Equity – Harris Williams & Co (corporate finance); Clearwater International (debt advisory); Eversheds Sutherland (legal).
Vendor – PwC (corporate finance, tax).

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