Published on Friday, June 1, 2012
Matrix Private Equity Partners has sold its minority stake in Wimbledon-based ski and cruise specialist Iglu.com for £19 million.
The stake has been purchased as part of a secondary MBO financed by Growth Capital Partners.
Matrix originally invested £4.3m in the MBO of Iglu in December 2009 and has helped the online ski agent grow its cruise holiday business.
It claimed that during the period of ownership, revenues and profits have more than doubled to make Iglu "the largest independent retailer of ski holidays" in the UK and one of the UK's largest online cruise agents.
The company’s revenues now exceed £90 million.
Iglu founder and managing director Richard Downs said: "Matrix has been an excellent and supportive financial partner over the past two and a half years. We now look forward to further growing our presence in the cruise market both domestically and in Europe."
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The recent insolvency of Low Cost Travel Group, one of the large players in the travel industry had a big impact on the travelers, hotels and all related players from both wholesale & retail arms. There were about 27,000 people on a holiday who had booked through the company comprised of a €200 million wholesale arm and €500 million OTA / retail arm.