Silver Oak Services Partners LLC has sold its stake in Direct Travel to ABRY Partners. No financial terms were disclosed. Based in Denver, Direct Travel is a corporate travel agency.
Evanston, IL, December 2, 2015 – Silver Oak Services Partners, LLC a leading lower-middle market private equity firm focused exclusively on business, healthcare and consumer services companies, announced today that it has completed the sale of its equity interest in Direct Travel to Boston-based private equity firm ABRY Partners.
Direct Travel (“Direct Travel” or the “Company”) is an industry leader in corporate travel management offering outsourced booking and management of employee air travel, transportation and accommodations, focusing on mid- to large-sized corporate accounts. The Company assists clients with achieving lower corporate travel spend via travel policy management, efficient booking, and identifying cost savings with suppliers while providing employees with a better travel experience. Direct Travel is headquartered in Denver, Colorado and employs over 900 travel professionals in 39 offices across 16 states.
Silver Oak made its original investment in Direct Travel in September 2011. During Silver Oak’s ownership, Direct Travel completed 12 acquisitions, built a best-in-class management team and a national platform. Silver Oak worked closely with management to realize scale benefits by leveraging corporate infrastructure, moving toward a common IT platform, renegotiating more favorable supplier contracts and cross-selling service offerings across the customer base.
“We are extremely proud of our partnership with Ed Adams and the Direct Travel management team,” said Dan Gill, Managing Partner at Silver Oak. “With a strong management team, emphasis on customer service and focus on driving efficiency in operations, the company is well positioned for continued growth.”
Ed Adams, Chief Executive Officer of Direct Travel, noted, “Silver Oak has been an excellent partner over the past four years. The team shared our vision of becoming the preeminent provider of corporate travel management services with a focus on providing exceptional customer service. The leadership team at Silver Oak provided us with tremendous advice, support and mentoring throughout our partnership. Under Silver Oak’s stewardship, Direct Travel enjoyed substantial growth.”
William Blair & Company and Kirkland & Ellis LLP acted as financial advisor and legal counsel to the sellers, respectively.
About Silver Oak Services Partners
Founded in 2005, Silver Oak Services Partners is a lower-middle market private equity firm focused on partnering with exceptional management teams to build industry leading business, consumer and healthcare service companies. Silver Oak utilizes a proactive, research-led investment process to identify attractive services sectors and seek out the best potential management teams and investment opportunities. We bring extensive services industry expertise and relationships to our investments and work closely with our management teams to drive long-term value creation. Silver Oak’s principals have a long history of services private equity investing and have demonstrated an ability to navigate through varying economic and market conditions. Silver Oak seeks to make control investments in leading service businesses with $15 to $150 million in revenue.
About ABRY Partners
Founded in 1989 and headquartered in Boston, Massachusetts, ABRY Partners is an experienced and successful private equity investment firm focused on media, communications, insurance, business and information services. Since its founding, ABRY has completed more than $42 billion of transactions, representing investments in more than 450 properties.