UK-based private equity firm Inflexion purchased online travel agent On The Beach for GBP 73 million or USD 11.7 million from Isis Equity Partners. PwC, Pinsent Masons and BDO advised Inflexion on the transaction. Financing in the form of senior debt facilities was provided by Lloyds.
On The Beach specializes in short-haul packaged beach holidays. More than 900,000 passengers each year book their holidays through its online platform. In the UK, online bookings comprise 45% of the packaged beach holiday market. According to Inflexion, the UK segment is expected to grow at 10% per year.
Inflexion Managing Partner Simon Turner said On The Beach had taken its market share from traditional, high street travel agents in the UK. He added, "The company has an exceptional management team which has developed a sophisticated and well-invested technology platform. Following our investment, we'll support them to further grow the business in the UK, explore opportunities for international expansion and, with the help of our digital director, ensure the business is digitally optimized."
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