Bridges Fund Management made what is believed to be an excellent return by selling a stake in World of Books to another private equity firm Livingbridge.
The private equity firm closed a sale valuing the company at north of £ 150million, according to AltAssets, following a year-over-year increase in revenue at the online retailer.
Bridges only paid £ 13million for its controlling stake in the company five years ago, giving it an enterprise value of around £ 25million, according to data from MergerMarket of the era.
The company is expected to continue to hold a minority stake following the Livingbridge investment.
Bridges said he expects the company’s revenue to exceed £ 100million this year – a 30% increase from the same period in 2020.
World of Books specializes in used books, purchasing them from charitable partnerships such as the British Heart Foundation and directly from consumers through the Ziffit app.
Livingbridge said his strategy as an owner would be to capitalize on the company’s regional offices in the United States and Australia to drive WoB’s geographic expansion.
Oliver Wyncoll of Bridges said: “We are really proud of the progress that World of Books has made during the period of majority ownership of Bridges.
“By investing in its people, facilities and state-of-the-art technology, it has become one of the leading re-commerce companies in Europe – bringing the joy of books to millions of people and saving thousands of tons of emissions. of carbon.
“We remain extremely positive about the future potential of World of Books – so we are delighted to have the opportunity to continue our involvement in the company as a minority shareholder. “
Susie Stanford of Livingbridge added: “As the UK’s largest book dealer and recycler, the company has already supported numerous charities and literacy causes in the UK, while also enabling millions of readers to discover high quality used books.
“We are excited to bring our e-commerce and internationalization experience to the business. “
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