ONLINE travel agent On the Beach yesterday changed hands for £73m after its private equity backers Isis Equity Partners sold the business to rival Inflexion Private Equity.
On the Beach, which was advised by DC Advisory on the sale, has around 900,000 customers and has grown sales from £78m to about £280m since Isis first invested six years ago. On the Beach founder Simon Cooper said:”When Isis invested we had no in house IT, no senior team and only basic systems and management information. We have since developed to be the UK’s leading beach focussed online agent.”
Inflexion, which also owns companies like clothing brand Jack Wills and shopping TV channel Ideal Shopping Direct, said it would look to expand the business internationally.
“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 optimised.” managing partner Simon Turner said.