Leisure Pass Group bought in MBO

Leisure Pass Group has been purchased by its CEO Darran Evans in a management buy-out deal, backed by Primary Capital.

The London-based tourist pass provider changed ownership in a £35 million deal. The backer, private equity firm Primary Capital, has plenty of experience in supporting MBOs, such as Paperchase, which was put through a £30 million buy-out in July 2010.

The Leisure Pass Group is the top multi-attraction tourist pass operator in the world, selling about 700,000 of its card-based passes every year. The cards give tourists free access to a range of must-see sites and attractions in cities. Places covered include London, Paris and Berlin.

Primary Capital directors Alex Parkinson and Rob Forman are to join the board of Leisure Pass as non-executive directors.

Mr Parkinson commented on the deal: “Primary is excited by Leisure Pass’ potential for growth both in its current core markets of London and Paris as well as via geographical expansion across Europe and further afield.”

International finance advisory company Livingstone Partners acted as adviser on the transaction.

Headquartered in London and with an industry focus on consumer, leisure and support services, Primary Capital also sold the YO! Sushi Group to Quilvest Private Equity in March 2008.

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