Equistone Partners Europe has sold ATPI to its management, backed by Intermediate Capital Group for an undisclosed amount. ATPI is a global travel management service provider with operations in business travel, corporate event management and online travel technology.
Equistone Partners Europe Limited, (“Equistone”) one of Europe’s leading mid-market private equity investors, today announces the sale of ATPI (“the Company”) to its management, backed by Intermediate Capital Group (“ICG”), for an undisclosed amount.
ATPI is a leader in global travel management services, with operations in business travel, corporate event management and online travel technology. The Company employs over 1400 individuals across 52 offices in five continents.
ATPI’s primary offering is providing travel for corporate customers across most industry sectors in less accessible locations, notably for the marine, oil and gas and construction sectors. ATPI also manages incentives, conferences and events.
Equistone invested in ATPI in a deal worth £73m from Fund III in 2008, since which time the business has continued to grow strongly.
Equistone worked alongside the management team to develop the business with initiatives such as:
Backing the acquisition in 2009 of Instone, a specialist business travel company in the marine sector from 3i for £37m. Instone specialises in arranging travel for crew and staff for shipping and offshore companies
Strengthening ATPI’s geographic footprint, through the Instone acquisition, new partnerships, and organic growth. In recent years, the company has formed new partnerships in Vietnam, Indonesia, Spain and Portugal, and opened two new offices in Australia
Developing ATPI’s principal business in the “travel to work” sectors (oil and gas, marine, industrial and government), which have proven to be more resilient than some other sectors during the recession
Rebranding ATPI’s offerings into dedicated operating brands: ATP Corporate Travel, ATP Instone, ATP Event Experts and ATP Select
Appointing new country managers to boost the leadership team on the ground and achieving high client retention rates across the global office and partnership network
CEO Graham Ramsey will continue to lead the business following the transaction.
The sale of ATPI follows a number of other transactions by Equistone in the travel sector, including most recently the €1bn sale of international travel-related payment services firm Global Blue, the acquisition of bespoke travel company Audley Travel and the €200m sale of travel agency Karavel-Promovacances.
John Walker, Director at Equistone Partners Europe, commented:
“It has been a privilege to work with ATPI over the last four years, helping them to develop the business into one of the fastest growing brands in corporate travel, despite the difficult trading conditions in the travel sector during this time. This exit has generated a good return for our investors in Fund III and leaves the Company in great shape for future growth with ICG’s backing. We wish Graham and the team the very best.”