In June 2014, private equity firm Vitruvian acquired JacTravel, a UK-based leader in the high growth wholesale accommodation sector, in a transaction worth approximately £80m.
Duff & Phelps was engaged by Vitruvian to provide corporate finance advice on the acquisition of JacTravel. Duff & Phelps’ travel sector team provided unique market insights to ensure a competitively priced and successful second round offer by Vitruvian. The advisory team managed an accelerated buyside timetable to ensure completion within an exclusivity period of just over 2 weeks.
Ben Johnson, Partner at Vitruvian, commented: “We are delighted with the advice that Duff & Phelps has provided to us as investors regarding the investment in JacTravel. Duff & Phelps played a key role in the process and their strategic advice throughout was critical. Their understanding of, and their relationship with the business played a crucial part in our making this investment.” Henry Wells, Managing Director at Duff & Phelps, commented: “JacTravel is a high quality, high growth business in an exciting sector. Given Vitruvian’s experience in investing in technology-led businesses, they will make an excellent partner for JacTravel. The business has a great management team who, with Vitruvian’s significant support network, will be able to further develop the business, grow market share and fulfill their international growth ambitions.”
JacTravel Group (“JacTravel”) is a UK-based leader in the high growth wholesale accommodation sector, where it partners with over 12,500 independent and chain hotels in 800 locations globally and processes nearly 1 million bookings per year. Its client base of global travel companies includes leading players such as Flight Centre, BA Holidays and Travel Republic. JacTravel operates from 10 locations worldwide and employs 220 staff providing services to over 1,000 active customers.
Vitruvian Partners LLP (“Vitruvian”) is an independent private equity firm which specialises in middle market buyouts, growth buyouts and growth capital investments in the United Kingdom and Northern Europe. Vitruvian focuses on investing in ‘dynamic situations’ in industries characterised by growth and change such as business services, technology/internet, media, telecoms, financial services, healthcare and consumer services.