The Bradford, UK-based company offers around holiday packages from over 50 UK-based tour operators as well as trading as an online travel agent via a series of brands, selling advertising space via its site traffic and email database.
The buyout was led by Icelolly CEO Dave Clayton, and will enable the business to continue to invest in its online network and infrastructure, he said.
Palatine partner Andy Lees and investment director Beth Houghton led the deal and will both join the Icelolly board as non-executive directors, while Chris Allen the former CEO and chairman of LateRooms has joined the business as non-executive chairman.
Lees said, “The travel sector was an early adopter of ecommerce with more consumers researching online to find the best deals for their holidays. Icelolly is afantastic business with a strong and vibrant brand identity offering excellent value to its customers. We are really pleased to be joining the team and supporting the business through its next stage of growth.”
Palatine was previously known as Zeus Private Equity before rebranding in January 2011. The firm was formed in 2005 by Gary Tipper, Ed Fazakerley and Tony Dickin and closed its maiden fund in December 2007 on £100m. The first fund is now fully invested and the team raised their second fund of £150m in June 2013.
In April the firm hired Andy Lees as a partner from UK banking group Barclays, where most recently he led the large corporate team across the North West of England.
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