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Online cruise specialist changes hands
Cruise specialist www.cruise.co.uk has changed hands in a £52 million deal.
The online travel agent, serving the UK cruise market, is to be acquired by Bridgepoint Development Capital from Risk Capital Partners.
It was originally part of Carnival Corporation from which it was spun out in 2007.
Speculation has been growing for some weeks about a sale.
It is believed TripAdvisor and Inflexion Private Equity were also interested in buying the Midlands-based company, which employs 170 people.
According to a statement, www.cruise.co.uk has delivered sales and EBITDA CAGR of 23% and 30% respectively over the last three years.
In 2015 turnover grew by 15% to £104.5 million.
Adrian Willetts, partner of Bridgepoint Development Capital, said: "www.cruise.co.uk is an opportunity to invest in a market leading consumer business that has shown strong defensive characteristics and benefits from strong market trends that will underpin its ambitious growth plans.
"It has grown impressively and we will seek to maintain and enhance its trusted expert reputation as we work with management to accelerate business growth through acquisitions and drive further value through digital and marketing expertise."
Seamus Conlon, www.cruise.co.uk’s managing director, added: "We’re delighted to welcome Bridgepoint as a new partner and shareholder to help us take our business forward in its next stage of development. Their financial and operational expertise will power our ambitions, particularly as we look to expand internationally."
www.cruise.co.uk has a strong social media presence and an online cruise review forum with over 110,000 members and 17 million web visits a year.
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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