Primary Backs Management Buy-out of Leisure Pass
Primary has backed the management buy-out of Leisure Pass Group Ltd (“Leisure Pass”) in a GBP35 million transaction from its shareholders.
Leisure Pass, based in London, is the world’s leading provider of smart card-based multi-attraction tourist passes and the associated systems. The passes permit free entry to a large number of selected visitor attractions and are issued with a comprehensive guide book to the destination city. Leisure Pass’ city passes cover three of the largest European tourist cities – London, Paris and Berlin – enabling entry to attractions including the Tower of London, Westminster Abbey, St Paul’s Cathedral, the Palace of Versailles, Musée du Louvre and the Berliner Dom. The Group also provides operating solutions to numerous other city passes throughout Europe and North America.
Primary was awarded preferred bidder status after a competitive process and worked with the Leisure Pass management team over several months to structure the deal. Primary was attracted to the opportunity by Leisure Pass’ leading market position in the world’s major tourist destinations and the significant opportunities to develop new cities and ancillary products. Primary was also convinced by the impressive track record of the management team in leading a successful, innovative and profitable business.
Darran Evans, Chief Executive of Leisure Pass commented: “Leisure Pass Group has enjoyed significant success over the past five years and we are delighted to be working alongside the team at Primary as we embark on the next chapter of our development. We are excited by the opportunities to expand our customer offering in existing and new markets as we look to continue our growth.”
The deal was led and structured by Rob Foreman and Alec Parkinson at Primary and both join the Leisure Pass board as non-executive directors. Alec Parkinson commented: “Primary is excited by Leisure Pass’ potential for growth both in its current core markets of London and Paris as well as via geographic expansion across Europe and further afield. The company is in the process of developing ancillary products that will deliver further benefits to customers and we are delighted to support Darran and his team during the next phase in the company’s development.”
Contact Jackie Adams for more information
Tel: +44(0) 20 7920 4800