Technology

Another Luxury Escapes bidder enters the fray

Huntley Mitchell

Huntley Mitchell

It appears Luxury Escapes has received even more interest about a potential purchase of the online travel business, with an Australian private equity firm reportedly preparing an offer.

According to The Australian Financial Review, Adamantem Capital is looking to acquire part or all of Luxury Escapes, and has enlisted the services of Luminis Partners to help run the ruler over the company.

The private equity firm joins Qantas, Booking.com and Webjet as potential suitors for Luxury Escapes. The Australian reported last month that Flight Centre was understood to have pulled out of the race due to the price tag.

When asked about Adamantem Capital’s reported interest in the company, Luxury Escapes CEO Cameron Holland told Travel Weekly there was no change to his original statement, in which he denied any active deals.

“As a rapidly growing business, we recognise that we are subject to interest and speculation in the market from time to time,” he said back in November.

“There are no current active opportunities being considered by Lux Group. However, we regularly assess the market and consider strategic options which will enable Luxury Escapes to continue to grow its market leadership position and deliver value realisation opportunities to shareholders.

“With strong revenue growth of 30 per cent year on year and recent international expansion, Luxury Escapes has become a global leader in the luxury travel marketplace, particularly when it comes to the new generation of traveller.”

According to the Luxury Escapes website, the business has more than two million subscribers globally, with customers across Australia, New Zealand, Singapore, India, Hong Kong, the US, and the UK.

Luxury Escapes is owned by Lux Group, a privately-owned business based in Melbourne which was founded in 2009 by Jeremy Same and Adam Schwab.

Lux Group has more than 150 team members globally, with major offices in Sydney, Melbourne, Bangalore, Singapore, and San Francisco.

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