TRAVEL Counsellors has confirmed its sale to private equity firm Vitruvian Partners, its second sale in almost four years.
The home-based group announced on the weekend it had been sold in a secondary management buy-out from Equistone Partners Europe, which backed its previous sale led by ceo Steve Byrne in 2014.
The group did not disclose a price for the sale, which follows the announcement earlier this year that it had appointed the investment bank Rothschild “to sell, float or refinance the business” (TD 16 Jan).
Travel Counsellors was founded in 1994 by travel entrepreneur David Speakman, who last week confirmed to UK trade media that he had sold his remaining interest in the company.
Backed by Equistone, Travel Counsellors says its annual total transaction values have grown by 130m to 512m, with profits increasing by an average of 17-20% each year.
“The fact that we have secured a secondary buy-out is testimony to the confidence in the long-term growth prospects and plans for the company,” said Byrne.
“We have carefully chosen the right investment partner with the experience in technology particularly, who also have a deep and natural affinity to our business model and values.”
Vitruvian Partners has previously backed travel businesses Skyscanner, JacTravel and OAG.
Source: traveldaily