Leisure Pass is Just the Ticket
Livingstone’s Consumer sector team is pleased to announce the sale of The Leisure Pass Group to its management team, led by CEO Darran Evans and backed by private equity house Primary Capital, for £35m.
Livingstone advised the shareholders of The Leisure Pass Group on the transaction.
The Leisure Pass Group is the world’s leading operator of multi-attraction tourist passes, which give tourists free access to a wide range of popular sites and attractions in a city. LPG sells nearly 700,000 passes per year covering major destinations including London, Paris and Berlin.
The Group’s proprietary technology platform, on which its smart card passes operate, is also provided on a white-label basis to a wide range of other cities including Stockholm, Copenhagen and Lyon.
Mitch Cybulski, outgoing Chairman of The Leisure Pass Group, commented: “We were impressed by Livingstone’s understanding of the global travel and leisure sector, and the insight they brought to the value of our technology platform. They were committed to achieving the best result for the shareholders and have been tireless and tenacious in getting this over the line.”
Darran Evans, CEO, said: “Livingstone quickly generated a very high level of interest from a number of potential private equity investors, in a well-controlled and competitive process. They proved adept at balancing the need to maximise shareholder value with the importance of building the team’s relationship with a future backer. Thanks to Livingstone, we’ve found a highly compatible partner, and I’m delighted to be working with Primary to take the Group forward.”
Denzil Rankine, non-executive director of LPG and founder and Chairman of AMR International added: “Jeremy and Daniel were tenacious throughout and they combined a clear understanding of the business with creative solutions to complete this difficult transaction.”
Daniel Domberger, Director at Livingstone who led the transaction, added: “This transaction brought together our strong track record in the travel and leisure sector, and our experience of working with technology-led businesses. We’re delighted to have helped the shareholders achieve their exit, and to have facilitated the opportunity for Darran and his team to continue to drive the growth of the Group.”