Matrix Cruises To Another Outstanding Exit

Matrix Private Equity Partners (Matrix) has sold its investment in, the UK’s largest specialist ski and fastest growing cruise holiday agent, in a £19 million secondary MBO financed by Growth Capital Partners.

Matrix originally invested £4.3m in the MBO of Iglu in December 2009 to support the well established online ski agent through a period of rapid growth in its cruise holiday business. 

During the period of ownership, revenues and profits have more than doubled.  Iglu is now one of the leading B2C distributors of cruise holidays in the UK and the largest independent retailer of ski holidays. Iglu only entered the cruise market in 2006 and has since become one of the top 10 cruise sales agents and arguably the largest online cruise agent in the UK.  The company’s revenues now exceed £90m.

The exit has generated a 2.5x money return to Matrix, an IRR of 70%. 

Mike Walker, a partner at Matrix comments: “Iglu has been an excellent growth story and we are pleased to have been involved in its continuing success over the past two and a half years. Richard Downs and his team have built an outstanding business from a standing start a little over a decade ago and we wish them further success through the next stage in the company’s development.”

Richard Downs, Managing Director of, comments: “Matrix hasbeen an excellent and supportive financial partner over the past two and a half years. We now look forward to further growing our presence in the cruise market both domestically and in Europe.”

Livingstone Partners acted as Financial Adviser and Olswang acted as legal advisers to the shareholders of Iglu.

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Issued by Mobeus Equity Partners LLP, of 30 Haymarket, London SW1Y 4EX, registered in England & Wales number OC320577, authorised and regulated by the Financial Conduct Authority, number 456538. This material is for information only and does not constitute an offer to buy or sell an investment nor does it solicit any such invitation. The information contained in this email is believed to be accurate at the date of publication but no representation or warranty stated or implied is made or given by any person as to its accuracy or completeness and no responsibility or liability is accepted for any such information or opinion.

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