Iglu sells minority stake for £60m
Online cruise and ski specialist Iglu.com has sold “a significant minority stake” to LDC, the investment arm of Lloyds Banking Group.
Terms of the deal have not been disclosed, although it is understood to be in the region of £60 million.
Iglu.com runs three businesses – Igluski.com, Iglucruise.com and planetcruise.co.uk. The announcement said that “in the past three years the business has doubled sales from £87m to £174m through a combination of organic growth, entry into new markets and acquisition.”
The funding will allow the business to expand into “new geographies and product areas including tailor-made holidays, luxury cruises and long haul holidays .”
Growth Capital Partners, which backed Iglu.com’s secondary MBO in 2012 to the tune of £19 million, has now completely exited from the business.
As part of the transaction, LDC is bringing in Greg Wills as a non-exec director for Iglu.com. Wills founded traveljigsaw.com and sold it to Priceline Group in 2010.
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