Iglu eyes European expansion after new investment
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."
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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