Leisure Pass Group Sold in Primary Capital-Backed MBO

The Leisure Pass Group, an operator of multi-attraction tourist passes is being sold to its management team, led by CEO Darran Evans and backed by private equity house Primary Capital, for 35 million pounds ($56.2 million). International corporate finance advisory firm Livingstone Partners advised shareholders of the company on the transaction.


Livingstone Partners, the international corporate finance advisory firm focused on mid-market M&A transactions, is pleased to announce the sale of The Leisure Pass Group to its management team, led by CEO Darran Evans and backed by private equity house Primary Capital, for 35 million pounds ($56.2 million).

Livingstone advised the shareholders of The Leisure Pass Group on the transaction.

The Leisure Pass Group is the world’s leading operator of multi-attraction tourist passes, which give tourists free access to a wide range of popular sites and attractions in a city. LPG sells nearly 700,000 passes per year covering major destinations including London, Paris and Berlin.

The Group’s proprietary technology platform, on which its smart card passes operate, is also provided on a white-label basis to a wide range of other cities including Stockholm, Copenhagen and Lyon.

Mitch Cybulski, outgoing Chairman of The Leisure Pass Group, commented: “We were impressed by Livingstone’s understanding of the global travel and leisure sector, and the insight they brought to the value of our technology platform. They were committed to achieving the best result for the shareholders and have been tireless and tenacious in getting this over the line.”

Darran Evans, CEO, said: “Livingstone quickly generated a very high level of interest from a number of potential private equity investors, in a well-controlled and competitive process. They proved adept at balancing the need to maximise shareholder value with the importance of building the team’s relationship with a future backer. Thanks to Livingstone, we’ve found a highly compatible partner, and I’m delighted to be working with Primary to take the Group forward.”

Daniel Domberger, Director at Livingstone who led the transaction, added: “This transaction brought together our strong track record in the travel and leisure sector, and our experience of working with technology-led businesses. We’re delighted to have helped the shareholders achieve their exit, and to have facilitated the opportunity for Darran and his team to continue to drive the growth of the Group.”

Notes to editors: About Livingstone Partners LLP
Livingstone Partners LLP is an international mergers and acquisitions (‘M&A’) firm with offices in London, Chicago, Düsseldorf, Madrid and Beijing that is focused on mid-market deals. Its 80 staff completed 43 deals worth £1.6bn in 2011.