Palatine Private Equity backed Icelolly.com is to merge with TravelSupermarket to create a standalone holiday comparison business. Both brands will be retained with each benefitting from revenue diversification, shared commercial expertise and greater audience reach.
MoneySupermarket Group will remain the major shareholder of the new entity alongside Palatine Private Equity and the senior management team. Icelolly CEO Richard Singer will lead a common management team across both brands.
Andy Lees, Partner at Palatine, said: “The ethos of the business will continue to have consumers at its heart. Digital innovation and access to a large pool of travel providers will offer customers a more comprehensive and accessible comparison experience”.
Peter Duffy, CEO of Moneysupermarket Group, said: “The combination of TravelSupermarket and Icelolly.com will benefit customers of both brands with a richer and more diversified offer as the travel and holiday markets recover. As well as unlocking commercial benefits, the creation of a standalone entity under a dedicated management”.
Completion of the transaction is conditional on the receipt of clearance from the Competition and Markets Authority.