Silver Oak Services Partners has completed the sale of its equity interest in Direct Travel to ABRY Partners. Silver Oak made its original investment in Direct Travel in September 2011.
Direct Travel is a provider of corporate travel management services to mid- to large-sized corporate accounts. Services include booking and managing employee air travel, transportation and accommodations. Direct Travel is led by Ed Adams, CEO and has over 900 employees in 39 offices in 16 states. The company is headquartered in Denver (www.dt.com).
During Silver Oak’s term of ownership, Direct Travel completed 12 acquisitions which expanded the company nationally. To take advantage of its larger scale, Silver Oak worked with the management team to renegotiate supplier contracts, expand cross-selling services, and move toward a common IT platform.
“Silver Oak has been an excellent partner over the past four years,” said Mr. Adams. “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.”
Silver Oak makes control investments of $10 million to $30 million in companies with revenues from $15 million to $150 million and EBITDAs from $3 million to $20 million. Sectors of interest include business, healthcare, and consumer services. Silver Oak is based in the Chicago suburb of Evanston (www.silveroaksp.com).
ABRY Partners, the buyer of Direct Travel, invests in the media, communications, and business and information sectors. The firm is currently managing $4.3 billion of total capital and investing out of a $1.9 billion private equity fund, $950 million senior equity fund and a $1.5 billion senior debt fund. ABRY was founded in 1989 and is headquartered in Boston (www.abry.com).
William Blair & Company (www.williamblair.com) was the financial advisor to both Direct Travel and Silver Oak.
© 2015 PEPD • Private Equity’s Leading News Magazine • 12-4-15
