Lincs corporate finance boutique advises on £30m Virgin deal
A Lincolnshire-based boutique corporate finance house has taken the lead advisory role on the deal which has seen Acorne, which trades under the Virgin brand as Virgin Experience Days, sold in a £30m deal to Inflexion Private Equity.
Acorne’s turnover has reached £50m this year, and the deal, which was advised on by Bishopsgate Corporate Finance of Stamford, represents an exit for its founders Richard Gyselynck and Andrew Dent and the chance for the existing management team, alongside Inflexion, to accelerate growth in both the B2C and B2B divisions.
Andrew Dent, founder, said: “We have enjoyed growing the business organically and by acquisition and believe the business is capable of substantial future growth. I am delighted that Inflexion have recognised this potential.”
Richard Gyselynck, founder, added: “This investment by Inflexion will ensure the longevity of the business and allows the management team to continue to participate in its future growth. Experienced management and new blood will enable the company to exploit fully the market opportunities now opening up.”
Paul O’Brien, managing director, said: “It’s been a pleasure leading Virgin Experience Days over the last 12 years, I am proud of the successful business it is today. Inflexion shares our vision for growth, backed by their digital expertise and international reach; we look forward to a prosperous partnership.”
The Bishopsgate Corporate Finance team was led by Simon Stephenson and James McBain Allan.
Stephenson, managing director of BCF, said: “We enjoyed working with the two founders, Andrew and Richard and they must be congratulated on building an exceptionally strong business with a very capable management team.”
James McBain Allan, associate director, said: “This was a highly complex deal in a niche and growing sector. The influence of the millennial mentality and the focus of “experiences” over “things” has recently driven huge growth and the future potential for VED is huge.”
The vendors were advised by Bishopsgate Corporate Finance (CF) and BrookStreet Des Roches (legals) with the management team advised by Cooper Parry Corporate Finance (CF) and Howes Percival (legals). Inflexion were advised by PwC (CF) and Taylor Wessing (legals).
