M&A Deal Summary

Bridgepoint, HarbourVest Partners and NatWest Group Acquire Cruise

On August 5, 2016, private equity firm Bridgepoint, private equity firm HarbourVest Partners and NatWest Group acquired internet software and services company Cruise from Risk Capital Partners for 52M GBP

Acquisition Highlights
  • This is Bridgepoint’s 3rd, HarbourVest Partners’ 8th and NatWest Group’s 1st transaction in the Internet Software and Services sector.
  • This is Bridgepoint’s 49th, HarbourVest Partners’ 62nd and NatWest Group’s 7th largest (disclosed) transaction.
  • This is Bridgepoint’s 51st, HarbourVest Partners’ 15th and NatWest Group’s 8th transaction in the United Kingdom.

M&A Deal Summary

Date 2016-08-05
Target Cruise
Sector Internet Software and Services
Buyer(s) Bridgepoint
HarbourVest Partners
NatWest Group
Sellers(s) Risk Capital Partners
Deal Type Secondary Buyout
Deal Value 52M GBP

Target

Cruise

Redditch, United Kingdom
website
Cruise is an online travel agent serving UK for cruise reviews and cruise related questions and answers and publishes unique content and consolidates comparison tables of on-board facilities. Cruise is based in Redditch, United Kingdom.

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Buyer(S) 3

Buyer

Bridgepoint

London, United Kingdom

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1984
PE ASSETS 28.2B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Bridgepoint is a large European private equity firm that invests in middle-market companies across a broad range of industries with an enterprise value of €200 - €1000 million. Prospective transaction situations include buyouts, buy-ins, growth financings, consolidations, and take privates. The firms invest in the range of €75 - €400 million transaction. Bridgepoint Development Capital specializes in investments in businesses valued up to a €150 million, taking equity stakes of between €10 million and €75 million. General sectors of interest include consumer products and services, retail, financial services, healthcare, media, technology, industrials, and business services. Bridgepoint was formed in 1984 and has offices in London, Frankfurt, Luxembourg, Madrid, Milan, Paris, Stockholm and Warsaw.


DEAL STATS #
Overall 113 of 164
Sector (Internet Software and Services) 3 of 7
Type (Secondary Buyout) 42 of 68
Country (United Kingdom) 51 of 69
Year (2016) 5 of 9
Size (of disclosed) 49 of 58
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-07-05 Emeria

Antony, France

Emeria is an acquisitive and tech-enabled platform that provides a range of real estate services to residential property owners and tenants, including joint-property management, lease management, letting and brokerage services. The Company also offers insurance services, such as multi-risk guarantee and rental guarantee insurance, and a range of ancillary, digital, and B2B services, including diagnostic solutions and B2B property management. Emeria is based in Antony, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-19 Beck & Pollitzer

Kent, United Kingdom

Beck & Pollitzer is a provider of complete machinery solutions. The company helps clients to relocate and install factories and machinery across the UK and Europe. Beck & Pollitzer was founded in 1863 and is based in Kent. United Kingdom.

Sell -
Buyer

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.


DEAL STATS #
Overall 147 of 223
Sector (Internet Software and Services) 8 of 17
Type (Secondary Buyout) 31 of 55
Country (United Kingdom) 15 of 19
Year (2016) 10 of 16
Size (of disclosed) 62 of 68
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-07-18 Polyconcept

Roelofarendsveen, Netherlands

Polyconcept supplies a wide range of promotional, lifestyle and gift products to more than 10,000 advertising distributors across Europe, as well as to various retail channels. End-users range from large corporations to small enterprises and consumers. Polyconcept was founded in 1973 and is based in Roelofarendsveen, Netherlands.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-10 Roompot

Goes, Netherlands

Roompot is a European holiday park operator active in the exploitation of holiday parks, tour operating services for third party holiday parks, and the development of holiday parks. Roompot was founded in 1965 and is based in Goes, Netherlands.

Sell -
Buyer

NatWest Group

Edinburgh, United Kingdom

website


Category Company
Founded 1727
Sector Financial Services
Employees61,857
Revenue 13.4B GBP (2022)
DESCRIPTION

NatWest Group provider of support to customers to manage their finances and do business. We want to be trusted, respected and valued by our customers, shareholders and communities. NatWest Group was founded in 1727 and is based in Edinburgh, the United Kingdom.


DEAL STATS #
Overall 10 of 12
Sector (Internet Software and Services) 1 of 1
Type (Secondary Buyout) 1 of 1
Country (United Kingdom) 8 of 10
Year (2016) 1 of 1
Size (of disclosed) 7 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-03-27 Royal Bank of Scotland - Private Banking and Wealth Management business

United Kingdom

Royal Bank of Scotland - Private Banking and Wealth Management business comprises client relationships outside the British Isles and associated staff.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-29 FreeAgent Central

Edinburgh, United Kingdom

FreeAgent offers cloud accounting services for small businesses, an API for easy integration, and integrations with existing startups such as Basecamp, Stripe, PayPal, and Xpenditure. The company also has an offering for accountants and a fully-integrated payroll system.

Buy £53M

Seller(S) 1

SELLER

Risk Capital Partners

London, United Kingdom

Investor Investor

website


Category Private Equity Firm
Founded 2001
PE ASSETS 75M GBP
Size Small
Type Sector Agnostic
DESCRIPTION

Risk Capital Partners is a private investment group focused on working with entrepreneurs and helping them achieve growth through acquisitions, roll-out programs, and bold organic growth strategies. Risk looks to invest £2 to £15 million of equity in established, profitable companies based in the UK and will consider opportunities across a broad range of industry sectors including consumer, retail, leisure, healthcare, financial services, transport, and support services. Risk Capital Partners was formed in 2001 and is based in London.


DEAL STATS #
Overall 8 of 13
Sector (Internet Software and Services) 1 of 1
Type (Secondary Buyout) 3 of 6
Country (United Kingdom) 8 of 13
Year (2016) 2 of 2
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-05-05 DWS Automotive Repair Solutions

London, United Kingdom

DWS Bodyworks is an accident repair group. DWS operates a chain of 17 repair centres providing accident repair and accident management services to motor insurers, fleet operators, dealer groups and motor manufacturers.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-22 XSTRAHL

Suwanee, Georgia, United States

XSTRAHL is a designer and manufacturer of superficial orthovoltage X-ray systems used in the treatment of cancers and dermatological disorders, as well as a pioneer in the development of advanced X–ray systems for pre-clinical radiation biology research. XSTRAHL was founded in 2000 and is based in Suwanee, Georgia.

Buy -