Travers Smith LLP has advised LDC, the leading private equity investor, and Beauport Partners, the travel and leisure specialist investor, on the sale of Iglu.com ("Iglu"), the UK’s leading online travel agent specialising in cruise and ski holidays, to Flight Centre Travel Group ("FLT").
Iglu, which operates through three websites – Igluski.com, Iglucruise.com and Planetcruise.com – was founded in 1998 to disrupt the traditional ski holiday market, providing customers with instant access to the world’s leading ski holiday suppliers and later cruise lines through its online brands.
FLT is headquartered in Brisbane, Australia, and has leisure and corporate travel business in 24 countries, spanning Australia, New Zealand, the Americas, Europe, the UK, South Africa, the United Arab Emirates and Asia. The company is listed on the Australian Securities Exchange (ASX) and has a market capitalisation of around $AU3bn (£1.5bn).
The transaction marks a full exit for both LDC and for minority co-investor Beauport Partners. Post acquisition, CEO David Gooch will continue to lead the business.
The Travers Smith team was led by Private Equity & Financial Sponsors Partners Will Yates and Alex Dixon with support from Senior Associate Tiarnan McKeown, Associates Lora Abagero and Hamad Naeem, and Trainees Raya Nili and Jack Wright. Tax advice was provided by Hannah Manning and Claudia French, and finance advice was provided by Jason Larkins and Alice Pearey.
