UK lower mid-market firm FPE Capital, which completed a spin-out from family office Stonehage Fleming in May, has sold ticketing provider Ticketscript to event-management company Eventbrite, according to a statement.
Financial details of the deal were not disclosed, but a source with knowledge of the transaction told Private Equity International that the sale values FPE’s stake at more than double its invested capital.
FPE Capital and other Ticketscript shareholders will receive shares in Eventbrite alongside cash consideration. It is understood that FPE has taken 75 percent of its proceeds from the sale as stock.
“We identified Eventbrite as a natural buyer for the business at the time of our investment, and are looking forward to realising further value in the enlarged business,” FPE managing partner Henry Sallitt said in a statement.
FPE Capital – then FF&P Private Equity – made an initial investment of £7 million (€8.2 million; $8.8 million) in Ticketscript in 2014, according to the portfolio company at the time.
The pan-European platform sold more than €150 million-worth of tickets in 2016 across five countries.
In the statement, FPE said the combined local presence of the two businesses would accelerate Eventbrite’s efforts in Europe, particularly with music festivals and venues, and provide Ticketscript with Eventbrite's global reach and scale.
Headquartered in San Francisco, Eventbrite counts among its backers Sequoia Capital, T Rowe Price and Tiger Global Management.
FPE is currently in market with its second private equity fund, the first since it completed its spin-out. FPE Fund II has a target of £100 million and held a first close on £53 million last May.
The fund made its first investment in October, backing computerised test software provider Questionmark, whose products are used by companies to test and train employees.