ECI picks up Encore from Isis

The deal has rewarded Isis with a 2.8x return.

ECI will support Encore's continued growth by investing further in its technologies, expanding its product portfolio and focusing on sales and distribution. 

Previous investment
Isis acquired Encore in April 2010 in a deal worth more than £20m. Isis then supported the company's acquisition of West End Theatre Bookings from Holidaybreak for more than £10m in June 2011.

Debt
Lloyds Bank Commercial Banking's acquisition finance team acted as joint mandated lead arranger in providing a package of senior debt, revolving credit and acquisition facilities.

Company
Encore was founded in 2000 by Ashley Herman and John Wales. The company provides a ticketing service for West End theatre productions, aimed at third parties in the travel industry, group organisers and online distributers.

The company employs just less than 200 people across its offices in Holborn and eight shops in London. Encore sells 2.5 million theatre tickets each year, as well as restaurant covers, attraction tickets, exhibitions and hotel breaks.

As well as serving individual customers, Encore also works with a range of trade clients, including airlines and tour operators, as well as coach operators, hotel groups and concierge. The company sells predominantly online, with 80% of business transacted through Encore's own consumer and trade websites, as well as through 400 online retail partners.

People
John Wales is CEO of Encore Tickets. Mark Turner is partner of Isis. George Moss is investment director of ECI.

Advisers
Equity - DC Advisory, Richard Madden, Richard Briault-Hutter (Corporate finance); DC Advisory, Simon Chambers (Debt advisory); King & Wood Mallesons SJ Berwin, Richard Lever (Legal); PwC, David Trunkfield (Commercial due diligence); EY, Richard Hall (Financial due diligence).

Vendor - Deloitte, Simon Sparkes (Corporate finance); Olswang, Chris Mackie (Legal).

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• Topics
• Buyouts
• UK / Ireland
• Consumer
• ECI Partners
• ISIS Equity Partners
• United Kingdom
• Secondary buyout