Global travel management and events business the ATPI Group has announced the purchase of a competitor, specialist marine travel company Griffin.
The acquisition from private equity owner Inflexion for a reported £120m, is the second major purchase for the ATPI Group in less than 12 months. In January 2014 the Group bought Australia’s largest independent travel management company, Voyager Travel.
The purchase of Griffin, for an undisclosed sum, which has an international operation of wholly owned offices in 13 countries and joint ventures in a further nine, increases the ATPI Group’s global office footprint to over 100 locations around the world.
Graham Ramsey (pictured), Chief Executive Officer of the ATPI Group said: “In 2013 the ATPI Group business delivered gross sales of over £720m, and achieved its third successful MBO deal in six years. With the acquisition of Griffin, coupled with our significant business growth, in 2014 this will reach in excess of £1.2bn.
“We made it clear that our refinancing was in order to grow through investment and acquisitions. I am pleased to deliver, with the support of ICG, yet another significant growth milestone for the business with the purchase of Griffin. This deal is a major step forward in our plan to increase our global operation. The clients of Griffin will benefit from ATPI’s bespoke technology, purchasing power and seamless service around the world.”
Griffin Chairman Simon Morse added: “The sale of Griffin provides great opportunities for our people and clients. We look forward to the exciting opportunities that this deal brings for our collective organisations.”
Since 2011 the ATPI Group has increased its global gross sales by over 35 per cent and employs over 1,500 people around the world. The business is funded in partnership with ICG and seven major banks.
Following the purchase of Griffin, the ATPI Group services over 5,000 different clients around the world meeting their travel and event needs.
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