Livingstone’s Consumer sector team has advised Ski Solutions, the London-based luxury winter sports travel experts, on its £6m+ investment from Mobeus Equity Partners as part of a secondary management buy-out.
Ski Solutions was the original winter sports travel agency, founded in 1986 as the first independent travel agent dedicated to the specialist needs of skiers. In 2010, Craig Burton led an initial MBO with Stone Venture Partners and rapidly expanded into the high growth tailor-made segment. Ski Solutions today provides the widest breadth of ski holidays available from any UK operator.
Craig Burton, CEO, Ski Solutions, said: “I would like to thank Simon, Gavin and Jamie at Livingstone for the unfailing support provided to me and the wider management team throughout the deal process. Their depth of experience supporting management shareholders in private equity transactions really stood out throughout our time working together, and I valued their expertise and guidance as they helped steer us towards a successful conclusion to the transaction.”
Ski Solutions, which has achieved in excess of 20% p.a. growth over the last three years, aims to further scale its winter programme and bring its expert advice and concierge client service to the summer activities market. Mobeus is planning to provide significant follow-on funding for bolt-on acquisitions, to support the management team in its ambition to accelerate growth within the rapidly expanding activities and adventure segment.
Stewart Baird, Managing Partner, Stone Venture Partners, said: “Livingstone did a fantastic job throughout the transaction supporting all elements of the process and leveraging their knowledge of the travel sector. Their ability to navigate the complexities and inevitable tensions at points in a secondary buyout deal ensured that a great result was achieved for Stone Ventures and management.”
This is the latest Travel sector deal completed by Livingstone. Other recent transactions include: the sale of ITC to NorthEdge, the sale of Fleetway Travel to Synova Capital and Tenzing PE, LDC’s investment in iglu.com, the Scott Dunn buy-out backed by Inflexion and Destinology’s sale to Saga plc.
Gavin Order, Director, at Livingstone, commented: “Ski Solutions has grown impressively in recent years and we are delighted to have help SVP realise their investment. Mobeus will provide Craig and the team with support to further the growth strategy both organically and through acquisition.”
Legal advice was provided by Harrison Clark Rickerbys (SVP), Squire Patton Boggs LLP (Mobeus) and Joelson LLP (Management) with financial due diligence carried out by Grant Thornton UK LLP. Commercial due diligence was provided by Armstrong.
“I would like to thank Simon, Gavin and Jamie at Livingstone for the unfailing support provided to me and the wider management tram throughout the deal process. Their depth of experience supporting management shareholders in private equity transactions really stood out throughout our time working together, and I valued their expertise and guidance as they helped steer us towards a successful conclusion to the transaction.”