Darran Evans, CEO of Leisure Pass Group, has led a management buy-out (MBO) of the business with help from private equity firm Primary Capital.
Leisure Pass Group has linked up with Primary Capital to complete an MBO of the business, with Darran Evans leading the deal.
London-based Leisure Pass provides smart card-based multi-attraction tourist passes in locations including Paris, Berlin and London.
The deal, which is worth £35 million, sees the company link up with Primary Capital, a firm which specialises in MBOs. The company is currently developing ancillary products to further its customer offerings.
Evans comments, ‘We are excited by the opportunities to expand our customer offering in existing and new markets as we look to continue our growth.’
Primary Capital, which has its head office in London has previously made investments in household names such as Paperchase, through a £30 million buy-out in July 2010, and YO! Sushi Group, which the firm sold to Quilvest Private Equity in March 2008 and generated a 6x return on its initial outlay. It has a sector focus directed at the consumer, leisure, business and support services, IT and industrial products areas.
Alex Parkinson, assistant director at Primary Capital, adds, ‘Primary is excited by Leisure Pass’ potential for growth both in its current core markets of London and Paris as well as via geographic expansion across Europe and further afield.’
As part of the deal both Parkinson and Rob Foreman, director at Primary Capital, will join the board of Leisure Pass as non-executive directors.