Jun 2013 – Iglu.com acquires Planet Cruise with backing from GCP
Iglu.com acquires Planet Cruise with backing from GCP
Acquisition will make Iglu.com the largest independent cruise agent in the UK
London – 3 June 2013 – Iglu.com, the UK’s leading online ski and cruise agent today announced that it has completed the acquisition of Planet Cruise, an online and TV cruise retailer, with backing from Growth Capital Partners (GCP). GCP provides blended equity and debt to UK SME’s and invested in Iglu.com in May 2012 in a deal valued at £19 million.
Iglu.com, already the UK’s no.1 independent ski retailer will also now be the largest cruise agent in the UK with a combined turnover of circa £135 million.
Based in Portsmouth and employing 75 people, Planet Cruise was founded in 2005 by husband and wife team Gary and Jenny West. They initially began marketing the business through the traditional route of newspapers and magazines and then in January 2008 launched a cruise show on the Ideal World Shopping Channel.
Planet Cruise has now built an impressive brand selling cruises on regular TV slots which are shown free on all digital TV platforms such as Freeview, Virgin, Sky and Freesat. The business has experienced strong turnover growth over the past 5 years and is on course to deliver turnover of around £38.0m in the year to August 2013.
Simon Jobson, partner at GCP commented:
“This acquisition will make Iglu.com the largest cruise agent in the UK and the market leader in its field in the UK. We initially invested in the business having seen how well it capitalised on the huge increase in the popularity of online travel, especially in the cruise sectors and we recognised the potential for developing its online presence and growth by acquisition.”
Richard Downs, CEO of Iglu.com said:
“Planet Cruise is an impressive business that has seen a dramatic increase in turnover in the last five years. With suppliers increasingly focusing on their larger, more efficient and proactive retail partners this acquisition will secure Iglu’s place at the front of this strategic group. We are also excited that Gary and Jenny are both staying with the business and taking up senior roles in the combined group”
Gary West, managing director of Planet Cruise commented:
“Combining Iglu’s online capabilities and our strength on television is an exciting prospect. There is a natural fit in the two businesses coming together and we as a team here at Planet Cruise look forward to creating a new market leader.”
Funder – GCP: Simon Jobson, Alexander Thomson, James Blake.
Iglu legal – Osborne Clarke: Alisdair Livingstone, Alison Johnson, Hugh Jones, Daniel Barnhouse, Michael Bell.
Planet Cruise legal – Shoosmiths: Sean Wright, Lisa Sigalet.
Planet Cruise Advisors – BDO: Andrew Lock, Craig Hewitt-Dutton.
Financial due diligence – White Hart Associates: Chris Photi.
Banking – Barclays: Bianca Dexter-Burnell.