Iglu.com, the online retailer of ski and cruise holidays, has secured a £4.3 million investment from a private equity firm.
The deal sees Matrix Private Equity Partners take a 35% stake in the Wimbledon-based firm. Original investors Sussex Place Investment Management, Barclays Ventures and Geocapital Partners have cut their ties with the firm.
“We’re heading for exciting and more profitable waters,” Iglu’s founder and chief executive Richard Downs said.
Downs remains in charge at the company along with sales and marketing director Simone Clark. Downs added: “I’m delighted Matrix want to be part of the next chapter of our growth story.”
Matrix partner Bob Henry added: “We are investing in Iglu.com because it is solid and cash generative, with a strong management team that have a successful track record of building a profitable, niche business.”
The Iglu concept was devised by Downs as he was doing an MBA course at London Business School in 1998.