On the Beach gives Inflexion yet another mega pay day

Mid market private equity firm Inflexion has sold half of its shares in online holiday company On The Beach for £42.9m.

The sell off leaves Inflexion with 11.8% of the listed company’s issued share capital.

It remains the company’s largest shareholder – On The Beach founder and chief executive Simon Cooper is the second largest holder with a 10.9% stake.

Inflexion first invested in the Cheadle-based holiday business in 2013, in a £73m buyout.

On the Beach subsequently floated on the stock market in September 2015, giving it a market value of £240m and generating a 3.6x return, with Inflexion retaining a 37.1% stake in the company.

Back in August, Inflexion cashed in just under 8% of those shares, giving it a £21.5m pay day.

Last year, On the Beach battled challenging trading conditions, including fear of terrorist attacks, to deliver a 47% increase in pre-tax profits to £21.3m, with a turnover of £71.3m for the year to the end of September 2016.

 

Click here to sign up to receive our new South West business news...
Close