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Barclays Private Equity takes majority stake in ATP International Group buy-out

25 Jul 2008

Barclays Private Equity, one of Europe’s leading mid-market private equity firms, has taken a majority stake in ATP International Group - a leading international travel management company - through a Secondary MBO of the business from Lloyds Development Capital (LDC). The deal, worth £73 million, adds to Barclays Private Equity’s consumer and travel portfolio which includes Karavel-Promovacances, Jack Wolfskin and Antler.  

ATP International Group arranges flights, accommodation and events for around 5,000 clients operating across a number of sectors, including: oil & gas, government, technology, sports and finance. The company focuses on corporates with complex travel needs both national and international and is able to offer lower fares to customers through strong relationships with suppliers, industry-leading technology and exemplary customer service.   

ATP has operations in the UK, the Netherlands, USA, Germany, France, Norway, Belgium and Dubai and partners in more than sixty countries. The company has a turnover in excess of €500 million (£410 million) and is one of the world’s fastest growing business travel companies.  

Commenting on the deal John Walker, Director of Barclays Private Equity in Manchester said: “ATP International Group is a fast growing, dynamic and exciting business which is a leader in its field. The global business travel market is large at c€400 billion per annum and growing with long term growth estimated at 4 per cent per annum. ATP has a wide and diverse range of clients with a very low churn rate demonstrating the skill and experience of the management team. Our investment will also enable ATP to continue its international expansion.”  

Graham Ramsey, ATP’s Group Chief Executive Officer said: “We have achieved significant organic growth and achieved No 34 in the Sunday Times Top 100 fastest growing companies backed by private equity in 2007. I am very pleased that Barclays Private Equity has made this investment because it will enable ATP to grow organically and pursue an acquisition strategy.”  

Aziz Ul-Haq, Director of Deloitte Corporate Finance in Manchester said, "We have worked very closely with Graham and his team since the original buy-out in December 2006.  ATP is an excellent business with a market-leading position.  The management team have consistently delivered growth in shareholder value and have developed a clear strategy for continued growth on an international level."  

Ray Stenton, Director of LDC in Manchester – which backed a management buy-out of the business in December 2006 - said: “We worked closely with management throughout our investment to deliver significant value creation and enhanced performance across the group. The sale to Barclays Private Equity is an excellent outcome for ATP’s shareholders, employees and customers and we wish them continued success.”  

Mark Blower, Director, Lloyds TSB Corporate Markets acquisition finance, said: “Since we supported the MBO in 2006 we’ve developed a close relationship with the management team of ATP and we are privileged to have been able to support Barclays Private Equity in this secondary buy-out, for what we consider to be a forward thinking business which occupies a leading position in a growing outsourcing market.”

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