Primary Sells Leisure Pass Group
Primary Capital Partners is pleased to announce the sale of Leisure Pass Group to Exponent Private Equity. The transaction value is undisclosed and generates a return of 7x the cost of investment for Primary’s third Fund.
Founded in 1999 and based in London, Leisure Pass Group (LPG) is the world’s leading provider of city-based, multi-attraction tourist passes and the operating systems to run and manage them. Today, its products serve attractions and tourists in 19 major international cities across Europe and the US. Since 1999 it has helped transform the sightseeing experience for over 10 million tourists and LPG systems will process over 1.5 million passes in 2016. LPG is a valued partner to its attractions driving significant visitor numbers as well as providing deep customer insight.
Primary Capital acquired LPG from a group of private investors in 2012. Since then the business has trebled both revenue and EBITDA through strong growth in its core markets as well as product and further international expansion.
Rob Foreman who led the original deal for Primary and represented its interests throughout the period of the investment commented; “LPG has proved an excellent investment for us with a strong and differentiated business model and an experienced executive management team who consistently delivered profitable growth. We are delighted with the successful outcome. The business has continued to build its market leadership over the period and now is well set to become a truly global business. We wish everyone involved with LPG all the best for the future.”
Darran Evans, CEO of LPG, added; “Primary have proven to be excellent partners for the LPG business over the past few years. They fully committed to our plans from the outset and backed us in all our initiatives and objectives. We thank them for their support and wish them well for the future as we embark on the next stage of our growth.”
Contact Jackie Adams for more information
Tel: +44(0) 20 7920 4800