Tue, 21 Feb 2012 | DIVISION SALE
Matrix Private Equity has put its stake in online travel agency Iglu on the market.
After being approached by interested third parties, the private equity firm – Iglu’s main backer – decided to sell its stake, and has brought in Livingstone Partners to assist in the sale process.
Iglu’s largest shareholders are its management, headed by company founder Richard Downs. They are retaining their ownership of the business.
Worth £5 million when Matrix purchased its stake, Iglu has grown since then but its value today is unknown. It is, however, expecting to report a turnover of about £90 million this year.
Iglu sells snowboarding and ski breaks, cruises and Christmas holidays to Lapland. Its websites include Igluski.com, Iglutropical.com, Iglulapland.com and Igluhotels.com.
On Iglu’s website it says the business is also backed by Sussex Place Ventures and Barclays Ventures.
Richard Downs set up Iglu in 1998 whilst studying for an MBA at London Business School. Speaking to The Times Mr Downs said: “For Matrix, it is a good time to take some money off the table and for us to go on with a new partner.”
Mr Downs wants the new backer to assist Iglu in its plans to expand overseas.
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