Bishopsgate Corporate Finance has advised the founders of Virgin Experience Days on the £30m sale of the company to Inflexion Private Equity
Acorne Ltd, which trades under the Virgin brand as Virgin Experience Days, pioneered the experience gift voucher market and has seen enormous success over the last 10 years reaching £50m in turnover during 2017.
The £30m deal represents an exit for its founders Richard Gyselynck and Andrew Dent and the chance for the existing management team, alongside Inflexion, to accelerate growth.
Andrew Dent, Founder said:
"We have enjoyed growing the business organically and by acquisition and believe the business is capable of substantial future growth. I am delighted that Inflexion have recognised this potential.”
Richard Gyselynck, Founder said:
“This investment by Inflexion will ensure the longevity of the business and allows the management team to continue to participate in its future growth. Experienced management and new blood will enable the company to exploit fully the market opportunities now opening up."
Commenting on the deal process Andrew and Richard said
" We've been working with Bishopsgate for a while to ensure the company was ready for sale. They not only delivered us a fantastic deal but they ran the process with efficiency and pin point accuracy!"
The Bishopsgate Corporate Finance team was led by Simon Stephenson and James McBain Allan.
Simon Stephenson, Managing Director of BCF said: “We enjoyed working with the two founders, Andrew and Richard and they must be congratulated on building an exceptionally strong business with a very capable management team.”
James McBain Allan, Associate Director said: “This was a highly complex deal in a niche and growing sector. The influence of the millennial mentality and the focus of “experiences” over “things” has recently driven significant growth and the future potential for VED is huge.”