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lastminute growing through acquisition
Lastminute.com has bought eXhileration, a supplier of experiences such as hot air ballooning and spa trips.
EXhileration already supplies products to lastminute. Its founders, Tim and Nicky Homer will stay on for three years to help acheive growth in the UK and international markets.
Lastminute claims eXhileration, which was founded in 1998, is profitable – achieving sales of nearly £1 milllion in the year to 31 March 2002.
The acquisition will see an initial consideration of £1 million satisfied by the issue of 955,110 new shares in lastminute.com plc, and a further £2 million which will be paid on delivery of material growth over the next three years.
Lastminute chief executive, Brent Hoberman, had already hinted at the announcement when he said at the EyeforTravel event at WTM, that the company would expand through acquisition during the next year.
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