of the management team at Anglo-Dutch multinational travel management company
ATPI bought out the 60 percent stake held by private-equity backer Equistone, the
companies announced Monday. The deal was funded by selling a 50 percent share
of the business to a new investor, Intermediate Capital Group, with senior debt
provided by six banks. As a result, 10 members of ATPI's management increased
to 50 percent from 40 percent their collective holdings in the business.
in 2008 paid £73 million for its stake. Neither its earnings from selling back that
investment nor the price paid by ICG for its newly acquired share were
Graham Ramsey, the largest management shareholder, told BTN that his company changed backers to fund further acquisitions. "To
all intents and purposes we have done another management buyout," he said.
"Equity companies look to get a return on investment, and those funds have
a finite life, with a horizon usually of three to five years. Equistone has had
a good ROI, because we have managed to grow every year throughout the
recession, but now it is time to bring in investors for a slightly longer time
scale. We won't be looking at acquisitions for growth's sake. They will all be
said it employs 1,400 personnel across 52 offices on five continents.