Our companies:
Iglu.com

About:

 

  • Specialist online travel agent, targeting the UK market
  • Founded in 1998 by Richard Downs
  • Initially focused on ski holidays and is now the dominant agent in this market
  • Entered the cruise holiday marketplace in 2006 and grew rapidly to become the largest online player in 2013

 

 

Key facts

Sector: Leisure / Retail
Location: London, Portsmouth
Status: Realised
Website: www.iglu.com
Follow on Twitter: @igluski @iglucruise @planetcruise

Why we invested:

 

  • GCP identified Iglu.com as a market leading business that had successfully capitalised on the channel shift from offline to online, especially in the ski market
  • We were impressed by the high caliber operational management team and proven entrepreneurial leadership of Richard Downs
  • Gaining market share in a growing UK cruise sector

 

The deal

Size at investment: £19 m
Bought from: Mobeus
Date of investment: May 2012
Deal type: Secondary MBO
GCP board member: James Blake

How we are making a difference:

 

  • GCP underwrote the entire transaction, providing the debt and equity on the deal
  • Provided further follow-on funding and played a key role in executing the strategic bolt-on acquisition of Planet Cruise, making Iglu the largest online cruise agent in the UK
  • Worked with the FD to implement a new framework for cash flow monitoring and reporting against the regulatory environment in which it operates
  • GCP worked alongside management to facilitate a successful sale of the business to LDC.

 

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“GCP provided all the funding on the deal, saving a huge amount of time. This enabled us to come to an agreement quickly and efficiently”

Richard Downs, Founder and Chief Executive, Iglu

Exit result

Size: Not Disclosed
Date of exit: Jun 2015