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Luxury Escapes achieves $70m funding round
Luxury Escapes’ owner has secured a $70 million funding round by Auctus Investment Group, with assistance from Mills Oakley.
Naomi Neilson
Firm: Mills Oakley (Lux Group Limited)
Value: $70 million.
Area: Corporate, finance.
Key players: The team was led by corporate partner Nick Manuell. He was assisted by fellow corporate partner Brendan Sheehan and lawyer Laura Chesney.
Deal significance: This is the first major transaction completed by the old Clarendon Lawyers team since joining Mills Oakley in December 2021.
The funds raised were invested via a $32 million convertible note and associated $36 million selldown by existing shareholders of Luxury Escape into Auctus Investment Group’s (AVC) Luxury Escapes Fund. This has seen AVC acquire a 17.8 per cent fully diluted interest in Luxury Escapes.
Commenting on the deal, Mr Manuell said: “Luxury Escapes has been a huge supporter of our team over its journey to become a world-class travel business – it’s been a difficult two years for the travel sector, but Luxury Escapes has remained a cash positive business during that period and invested significantly in people and technology during this time to ensure it comes out of the pandemic an even better business than it was pre-COVID.
“This investment is just another piece that will ensure it takes full advantage of the inevitable travel rebound as starved travellers seek to utilise large accrued leave balances and high saving rates. Having also known AVC management for many years, we see them as a terrific addition to the Luxury Escapes share register.”
Naomi Neilson
Naomi Neilson is a senior journalist with a focus on court reporting for Lawyers Weekly.
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