ClearPoint Investment Partners has made an investment in Melville, New York-based Accommodations Plus International, a provider of crew accommodations and logistics services to airline industry and other commercial travel clients. No financial terms were disclosed.
MELVILLE, NY, August 23, 2018 – ClearPoint Investment Partners (“ClearPoint”), a private equity firm investing in business services companies in the lower middle-market, announced today that it has made a strategic investment in Accommodations Plus International (“API”), the worldwide leader of crew accommodations management services and technology solutions, in partnership with API’s founders and management team.
Tony Kamel, Chairman of API, founded the company in 1984 and over the last three decades, through its innovation and leadership, the company has become the trusted provider of mission critical crew logistics and distressed passenger services to its clients. API serves more than 70 airline, cargo, and cruise clients with a vast network of over 100,000 hotels globally. Through its advanced business intelligence software solutions and multi-disciplined team, the company lowers the total cost of accommodations and logistics to its clients, while providing an attractive distribution channel to its hotel partners.
The additional strategic and capital resources will enable API to expand its technology suite of products and services, enter new markets, and execute its strategic priorities, while continuing to deliver the highest of customer service to its crew members, distressed passengers, and hotel partners.
Mr. Kamel, said, “We have built API into a trusted industry leader and we were careful to select investment partners with the right experience who can bring new ideas and key resources to help build upon the strong foundation already in place.”
Ingrid Mazul, Co-Founder and Partner of ClearPoint, said, “We have ambitious growth plans and are delighted to align ourselves with the Kamel family and API’s talented management team at this exciting inflection point in the company’s history. We will work collaboratively with API’s founders and management to accelerate product innovation, technology investment, and global market leadership.”
Richard McLeer, who serves as Chief Executive Officer of API, brings decades of executive experience as a leader of technology-enabled services companies. Prior to API, he co-founded Dealertrack Technologies (“Dealertrack”) in 2000. He was instrumental in growing Dealertrack to a market value of over $4 billion and into the leading provider of integrated technology solutions to the automotive dealership sector. Commenting on the new partnership, Mr. McLeer, said, “I am honored to be part of a team that has built an incredible organization. API’s amazing client support culture surrounds unique and innovative technology. We will continue to invest in technology solutions and people that add value to our clients and partners. Product innovation will remain a core API strength as we enhance current offerings, invest in growing segments, such as our distressed passenger solution, and explore new verticals that can leverage our platform.”
Carty Chock, Co-Founder and Partner of ClearPoint, said, “Ingrid and I have known Rich for nearly two decades. As the lead investors in Dealertrack, we witnessed first-hand his exceptional entrepreneurial and leadership capabilities that helped redefine an industry and created its go-to technology platform. We are thrilled to partner with him again and together build API’s future success.”
Mr. Chock and Ms. Mazul have joined the API Board of Directors.
About Accommodations Plus International
Accommodations Plus International is the leading provider of crew accommodations and logistics services to airline industry and other commercial travel clients. API offers an innovative and powerful combination of crew accommodation services delivered through a state-of-the-art technology platform, unique software solutions, and a highly experienced team of service professionals. Additional information is available at www.apihotels.com.
About ClearPoint Investment Partners
ClearPoint Investment Partners invests in business services and financial technology companies in the lower middle-market. The firm targets businesses at key inflection points, where its extensive operating approach, deep industry expertise, and tailored strategic resources can accelerate growth and materially enhance company value. ClearPoint’s collaborative and cross-functional team has decades of experience in the firm’s target sectors and a strong record as company builders. Additional information is available at www.clearpointinvest.com.