24 February 2015
Big Bus Tours can confirm that Exponent Private Equity has reached an agreement to acquire the company. In October 2014, Big Bus Tours confirmed it had appointed JP Morgan to lead a review of the business, which then led to the sale to Exponent. Allen & Overy LLP were retained to advise the shareholders of Big Bus in connection with the proposed sale, with A&O corporate partner Ed Barnett leading the transaction.
Exponent is a private equity firm investing in UK headquartered businesses with enterprise values between £75m and £350m. They work with businesses across a broad range of sectors to unlock value and drive growth.
Pat Waterman, Big Bus Tours CEO, commented:
“We look forward to the next phase of growth, and fulfilling our strategic objectives working closely with Exponent to deliver an enhanced customer experience, global expansion and a market leading position. We would also like to thank our former shareholders who have created such a valuable and unique business, many of whom have chosen to remain investors in the new venture”.
Big Bus Tours is pleased to have a partner in Exponent that shares our vision ‘to be the world leader and most recognisable brand in sightseeing’.
Also commenting, Richard Lenane of Exponent said:
“We are delighted to be investing, alongside the management and existing shareholders, in Big Bus Tours. The business is the industry leader in an exciting and growing market. We are looking forward to working with Pat and his team to help the business reach its full potential.”
Contact: Siobhan Burke, Black Diamond
Tel: 020 7845 6384