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Investcorp Backs Eviivo

Bahrain-based investor Investcorp has acquired a majority stake in U.K.-based online booking company Eviivo Ltd., Reuters reported. The amount of its investment was not released, though the firm said the deal valued Eviivo at roughly 30 million pounds ($49.2 million).

(Reuters) – Investcorp, the Bahrain-based alternative investment manager, on Sunday said it bought a majority stake in U.K. online booking solutions firm, eviivo Ltd.

Investcorp, which once floated luxury brands Gucci and Tiffany & Co., said the investment valued eviivo at about 30 million pounds ($49.2 million). It did not disclose the actual amount invested in eviivo.

The majority stake was bought through Investcorp’s technology private equity arm, the firm said in a statement. The technology investment arm invests in small and medium-sized businesses in North America and Europe, Investcorp said.

London-based eviivo grew at a compounded annual growth rate of over 60 percent in the last few years and partners with more than 4,400 businesses in the United Kingdom, Investcorp said in the statement.

Last month, Investcorp said it made three real estate acquisitions worth $120 million in the United States in 2011.

Investcorp had $12.2 billion in assets under management at the end of 2010 across its private equity and hedge fund businesses.

($1=.6101 BRITISH POUND)

(Reporting by Dinesh Nair, Editing by Reed Stevenson)