Deal Type

Management buy-out

Investment Date


Exit Date

August 2016 Ltd is one of the UK’s leading online travel agents for the cruise market. The business operates two core websites; and It also has the leading cruise review forum with approximately 85,000 members commanding 11 million web visits per annum. The business has excellent relationships with all the major mainstream, river and luxury cruise ship operators.

Risk Capital Partners supported a management buy-out of in August 2013. We backed the incumbent management team, led by Andrew Gardener (Chairman) and Seamus Conlon (Managing Director) and strengthened the board with the recruitment of an FD, and digital talent.

Why we invested:

  • UK cruise market is robust, supported by favourable demographics
  • Customers increasingly switching from booking ‘off’ to online
  • Strategic market position in distribution channel
  • Unrivalled CRM data brings defensible advantage
  • Highly personalised service with strong repeat revenues


In August 2016 Cruise was sold in a tertiary management buyout to Bridgepoint Development Capital generating a significant money multiple in our 3 years of ownership.

“We are excited that Risk Capital Partners have decided to invest in our business. Their acumen and results in the leisure space will be of huge value to us and we look forward to their expertise helping to shape the future of the business”

Seamus Conlon
Managing Director