KPC is pleased to annouce the disposal of its investment in QCNS. The company is being acquired by a NewCo backed by Montefiore Investments, a French leisure specialist private equity fund.
This is the third full exit for Fund I, following a decision to realise the investment through an auction process in Q4 2016. D&A Partners, a French mid-market financial advisory firm, acted for the shareholders on this transaction.
QCNS is the leading online distributor of cruising holidays in France, Italy, Spain, Germany and South America. It partners with 40 different cruise brands, combining online marketing through owned and white-label websites with call centre fulfilment to deliver ~47,000 bookings p.a.
The Fund originally invested in QCNS in May 2011, acquiring a minority interest in a buyout led by Duke Street. In January 2013, following a difficult trading period caused by the Arab Spring and Costa Concordia tragedy, the Fund provided further funding to the business as part of a capital restructuring.
Having received clearance from the French competition authorities, the transaction closed on 12 July 2017.