Hogan Lovells Advises on £35m Primary Capital Management buy-out of Leisure Pass

LONDON, 15 May 2012 - Hogan Lovells advised the sellers and management on the £35m management buy-out of Leisure Pass Group Limited by Primary Capital Limited, announced today, 15 May 2012.

Primary Capital is an independent investment firm which invests in middle-market management buy-outs and buy-ins in the UK and Europe, providing the target with long-term financial resources and strategic support. Well known current and previous Primary Capital investments include YO! Sushi and Paperchase.

Leisure Pass is the world’s leading provider of smart card-based multi-attraction tourist passes throughout Europe and North America, and enjoys a leading market position in the world’s major tourist destinations. Its potential for growth both in its current core markets of London and Paris as well as across Europe and further afield was a key driver of the transaction.

The Hogan Lovells team advising the sellers and management was led by Co-Head of private equity Alan Greenough, supported by Of Counsel Amanda Onions, associate Monika Przygoda and trainee Henrietta Addams Williams, tax senior associate Louise Crook and associate Andy Waddell, and IP associate Danielle Amor.

Commenting on the transaction, Alan said:

"We are pleased to have helped the shareholders achieve an exit and Leisure Pass is now positioned for the next phase of it's growth in Primary's ownership."

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