Inflexion buys On the Beach from Isis for £73m

The sale of On the Beach has rewarded Isis with a 3x return and an IRR of 20%.

Following the deal, Inflexion will support the company's UK expansion as well as explore opportunities for overseas developments.

The transaction was supported by senior debt facilities from Lloyds.

Previous funding
Isis first invested in On the Beach in November 2007, picking up a majority stake from the company's founder Simon Cooper. The deal value was believed to be in the region of £40m. Isis then invested a further £5m in the company in June 2010.

Over the last six years, Isis has supported the company's growth, boosting sales from £78m to £280m and increasing EBITDA four-fold to more than £11m in 2013. The buyout house also implemented an in-house IT system and a senior management team.

Company
On the Beach is an online travel agent focusing on beach destinations, serving UK holiday-makers. The company caters to around 900,000 passengers each year.

Established in 1995 and based in Cheadle, Manchester, the company offers flexible travel products at discounted rates.

People
Adam Holloway is the Isis partner who sat on the On the Beach board. Simon Turner is managing partner of Inflexion. Simon Cooper is founder and CEO of On the Beach.

Advisers
Equity – Pinsent Masons (Legal); PwC (Financial due diligence, Commercial due diligence, Tax due diligence); BDO (Corporate finance).
Vendor – DC Advisory (Corporate finance); Squire Sanders (Legal).
Management – Liberty Corporate Finance (Corporate finance).

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• Topics
• Exits
• Buyouts
• UK / Ireland
• Consumer
• ISIS Equity Partners
• Inflexion Private Equity
• Lloyds