PCS Funds act as sole lender in the financing of the acquisition of loveholidays by Livingbridge29 May 2018
Permira Debt Managers (“PDM”), one of Europe’s leading specialist debt investors, has today announced that the Permira Credit Solutions Funds (“PCS Funds”) are acting as sole lender to finance the acquisition, by Livingbridge, of loveholidays. This continues PDM’s strategy of partnering with ambitious, fast-growing businesses across Europe.
loveholidays - the short-haul beach holiday provider founded by Alex Francis and Jonny Marsh in 2012 and headquartered in London - is the fastest growing online travel agent (“OTA”) in the UK. loveholidays allows customers to create bespoke holidays through ‘discovery search’, inspiring customers to filter by the attributes that matter to them, rather than requiring them to start with where and when. loveholidays are the 6th largest Air Travel Organisers’ Licence “ATOL” holder. The company now employs a team of 140.
Dan Hatcher, Investment Director at PDM, commented: “loveholidays has achieved exceptional growth in a competitive and growing industry through its disruptive customer proposition. We are very excited to be able to support the Company in its next phase of growth.”
“It is also great to be working alongside Livingbridge, who have an outstanding track record in the travel sector, and elsewhere, growing companies in consumer markets. We believe Livingbridge are an excellent and experienced partner for loveholidays and its ambitious management team.”