JacTravel Group, a technology driven, B2B hotel accommodation wholesaler and provider of inbound travel services, has announced that Vitruvian Partners has acquired the business from Bowmark Capital. The transaction is worth approximately £80 million.
JacTravel is a UK-based participant in the high growth wholesale accommodation sector, where it partners with over 12,500 independent and chain hotels in 800 cities globally and processes nearly 1 million bookings per year. JacTravel operates from 10 offices worldwide and employs 220 staff providing services to over 1,000 active customers. The company is based in London with offices in Munich and Stockholm (www.jactravel.co.uk).
Since Bowmark acquired the business in August 2007, JacTravel has significantly expanded its global coverage, establishing extensive customer and supplier relationships in the emerging travel markets of Latin America, Asia and the Middle East. Under Bowmark’s ownership, sales and profits have grown at a compound annual growth rate of 16 per cent and 22 per cent respectively.
“With Bowmark’s support, JacTravel has achieved fantastic growth over the last seven years. Having established the company as a global player, we are now excited to be partnering with Vitruvian to continue the International expansion program, where further investment will enable us to deliver a number of our key strategic goals in providing market leading technology driven solutions for our international hotel partners and our global customer base,” said Terry Williamson, chief executive of JacTravel.
“Over the past seven years, JacTravel has very successfully capitalized on consumers’ increasing preference for purchasing travel services online. We have worked closely with the management team to develop a strong market position from which to continue the company’s impressive growth,” said David Torbet, Bowmark Partner.
Vitruvian Partners is a European private equity firm focusing on leveraged buyout and growth capital investments in middle-market companies. Vitruvian invests throughout the UK, Ireland, Germany, Austria, Switzerland, the Nordic region and Benelux. The firm is based in London (www.vitruvianpartners.com).
“Vitruvian invests in fast growing businesses led by outstanding entrepreneurs. Terry and his team have achieved excellent growth at JacTravel and we are excited about working with them going forward. There is a significant opportunity for the business to continue to grow internationally and serve the large and growing global travel marke7t which has a clear need for the technology and services that JacTravel provides,” said Ben Johnson, a Partner at Vitruvian.
Bowmark were advised by PWC, Deloitte and King Wood Mallesons. Vitruvian were advised by Duff & Phelps, BDO, Shearman & Sterling, OC&C and Instinctif Partners. The management was advised by Livingstone Partners, Pinsents and 42 Consulting.
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