uSwitch has been sold to Zoopla Property Group
Lincoln International (“Lincoln”), a leading independent mid-market investment bank, is pleased to announce that Zoopla Property Group Plc (LSE:ZPLA; “ZPG”) has conditionally agreed to acquire Ulysses Enterprises Limited (“uSwitch”) for £160 million based on a cash-free, debt-free enterprise value, plus a performance-based earn-out of up to £30 million.
uSwitch, a portfolio company of LDC and Forward Internet Group, is the U.K.’s #1 price comparison website in the home services sector (energy and communications) and is one of the most widely recognised and trusted brands in the price comparison space. uSwitch generated revenues of £62.9 million and Adjusted EBITDA of £16.2 million in the year ended 31 December 2014 with revenue CAGR of 20% (2012-2014). In 2014, the uSwitch website generated 50.3 million visits and saved consumers over £112 million off their energy bills alone.
The transaction is conditional on approval from ZPG’s shareholders (given the size of the acquisition which is a Class 1 transaction under the Listing Rules) and the FCA.
Additional details on the transaction can be found on the investor relations section of ZPG’s website: www.zpg.co.uk/investors.
Lincoln acted as exclusive sell-side advisor to uSwitch, working closely with the management team and shareholders throughout the transaction.
Steve Weller, CEO of uSwitch, commented, “I am immensely proud of everything that we have achieved over the last 15 years and look forward to the next phase of our journey. Consumers need our support now more than ever before and, with Zoopla Property Group’s impressive credentials as an innovative, consumer-empowering business, I am confident that we will be able to help even more people save money on their household bills.”
Darren Redmayne, U.K. CEO and Managing Director who led the Lincoln team advising uSwitch, commented, “Delivering a strategic buyer like Zoopla Property Group for a private equity-owned business like uSwitch demonstrates one of Lincoln International’s core competencies: helping private equity firms secure attractive trade buyers for portfolio companies. With this transaction, there’s a tremendous fit given Zoopla’s focus on home-movers and uSwitch’s on helping people save money on critical household services like energy and broadband, and we’re delighted to have advised on this deal.”
Meet our Senior Team
View More Transactions
Any information or testimonials contained in this post may not be representative of the experience of other clients and is no guarantee of future performance or success.