Mon, 02/06/2014 - 12:11
Mid-market private equity house LDC has agreed to back the GBP45 million management buyout (MBO) of Anite Travel Limited.
Anite Travel specialises in providing reservation systems to tour operators such as TUI and Thomas Cook.
Anite plc’s stated strategy is to focus on developing its leading position in wireless test solutions, leading to the decision to solicit offers for Anite Travel. Anite plc’s board chose LDC as the most appropriate backer for the MBO of Anite Travel as a result of LDC’s commitment to continue to invest and develop Anite Travel for the benefits of its customers, employees and shareholders.
The sale will see the business operate post the MBO as an independent entity run by the current management led by managing director Mike Kingswood.
Based in Slough, Anite Travel employs around 160 people and has been developing reservation systems for tour, cruise and ferry operators for over 30 years.
LDC has a growing track record across both the travel and leisure and technology sectors. Recent investments include D&D London, Forest Holidays, Corporate Travel International, UK2, OnApp and MDNX.
LDC was advised by Oakley Capital Corporate Finance, PwC, Ernst & Young and CMS Cameron McKenna.
Kingswood says: “I am delighted to have secured an independent future for Anite Travel. The business has achieved considerable success in recent years and I am confident that with support from LDC, we can accelerate the development of our business for the benefit of our customers, employees and stakeholders.”
John Harper, investment director at LDC, says: “We are delighted to back the MBO of Anite Travel and we look forward to working with Mike and his management team to support them execute a well-conceived growth strategy. With the rebound in the economy, the travel industry is set for renewed growth and Anite Travel is well positioned to capitalise on this trend and to help drive the sector’s performance and profitability through continuing to develop and deliver best-in-class reservation solutions.”
This is LDC’s eighth transaction of 2014 which, over the past 18 months, means that cumulatively over GBP500million of equity has been invested to support the management teams of UK SME and mid-market businesses.
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