Livingbridge buys World of Books from Bridges

Sources close to the deal told Unquote that the company was purchased at an EV in the range of £150m and £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 exits the company five years after it acquired a stake of slightly more than 50% in World of Books in 2016 for £13m at an EV of £25m. 

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

The GP's growth strategy will focus on expanding the company's repeat customer base, and growing both its direct sourcing and selling mix. It will also double down on automation and use of technology, and help expand the company's geographical footprint. 

Company
Founded in 2008 and headquartered in Goring-by-Sea, West Sussex, World of Books is an online reseller of books.

The company sources its books from partnerships with charities and directly from consumers through the Ziffit app, and then sells them through its own website as well as via Amazon, eBay and other specialist marketplaces. It has also built a data-driven proprietary technology platform, which integrates with its three highly automated warehouses in Coventry, Goring-on-Sea and Cincinnati.

In 2021, the company expects to generate revenues of £100m. 

People 
Livingbridge – Susie Stanford (investment team).
Bridges – Oliver Wyncoll (senior adviser).
World of Books – Graham Bell (CEO).

Advisers
Vendor – Baird (M&A); EY (corporate finance); Masons (legal).

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