pActive Hotels sold for £90m
Active Hotels has been sold to PriceLine.com, a Nasdaq-listed provider of Internet-based travel services for £90m. The sale represents a successful exit for investors Close Technology & General VCT, managed by Close Venture Management, First Close Technology Fund and Bamboo Investments.
Close Technology & General VCT received £5.2m for its 5.9% stake in the group. The VCT originally invested £500,000 in Active in October 2001. The sale represents a total return of over ten times the VCT’s initial investment. Bamboo Investments also received £5.2m for its 5.95% stake, against a cost of £514,000 and the First Close Technology Fund received £10,5m for its 11.8% stake against a cost of £1m
Patrick Reeve, managing director of CVM, said: “This is a fantastic return for our investors and a tribute to the excellence of the Active management team and the strength of their business.”