Duke Street makes another purchase

The private equity firm behind the recent secondary buy-out of noodle-bar chain Wagamama has completed the acquisition of a majority stake in QCNS Cruise Europe, a business which sells cruises in South European markets.

London-based Duke Street says that although still a niche in the travel sector, the cruise market has generated double-digit growth over the last three years.

Didier Bismuth, partner at Duke Street, comments: ‘QCNS Cruise has the potential to increase its market share not only in France, but also in Italy and Spain and we are confident that we can help accelerate its international development.’

As part of the deal new sector experts are being brought in by Duke Street to sit on Monaco-based QCNS’s board. Financial details of the deal are undisclosed.

Included on this list are Jason Katz, partner at Kings Park Capital and former managing director in charge of European leisure at UBS. Kings Park Capital has co-invested in QCNS alongside Duke Street.

Additional board members will be Duke Street operating partner Martin Robinson, who is the former CEO and current chairman of Center Parcs UK, and Georges Sampeur, CEO of the B&B Hotels group, a former portfolio company of Duke Street.

Duke Street expects the Internet channel to continue to gain market shares over traditional distribution channels, according to a statement released by the company.

Companies currently in Duke Street’s portfolio include consumer payments network Payzone and Marlin Financial Group.

Todd Cardy

Todd Cardy

Todd was Editor of GrowthBusiness.co.uk between 2010 and 2011 as well as being responsible for publishing our digital and printed magazines focusing on private equity and venture capital. Connect with...

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