Travel deals specialist Secret Escapes Group has agreed to buy the owner of Irish rival Pigsback.com for an undisclosed amount.
The acquisition of Empathy Marketing Limited will see Secret Escapes expand its operations in Ireland. It follows a slew of other deals across Europe, including most recently the assets of bankrupt Amsterdam-based TravelBird.
Secret escapes is partnering with private equity firm Searchlight Capital Partners to fund the deal.
According to its most recent set of accounts, Secret Escapes generated annual revenue of $95 million (£73.2 million) on gross bookings worth $523 million (£403 million.) Like most fast-expanding companies, it made an overall loss, which in calendar-year 2017, totalled $19.1 million (£14.7 million.)
Since launching in 2011, Secret Escapes has secured funding worth $246.5 million and according to London’s Telegraph is looking at a potential IPO worth $649 million (£500 million.)
Read Original Article