Manchester-based corporate travel management company CTI has been acquired by private equity investor Endless LLP.
The deal saw the firm, led by Endless partner Mathew Deering with the assistance of Kerry Battiscombe and Jon Duffy, snap up a majority stake in the agency as private equity house LDC made a substantial exit.
LDC, which first invested in CTI in 2012 and backed its acquisition of Hotelscene in 2013, will retain a small equity stake.
CTI employs around 125 people across offices in Manchester, Liverpool, Hull, Leeds and Bristol.
Founded in 1983 as TD Travel, the firm is headed up by CEO Clive Wratten (pictured), who was once a UK executive of Middle Eastern airline Etihad.
Wratten commented: “I am delighted that Endless have chosen to invest in CTI. To have an investment partner with such a great track record of success is very exciting for the team at CTI.
“The travel management industry is a dynamic sector and with this new partnership CTI will be able to continue to develop its contemporary and innovative approach to the corporate travel market.”
Mathew Deering, a partner at Endless’ office in Manchester, will join CTI’s board.
He said: “CTI is a £77m revenue, top 25 travel management company in the UK with a fantastic customer base and great people.
“This is an exciting opportunity in a consolidating sector and we also intend to pursue bolt-on acquisitions as part of our investment strategy.”
Endless was advised on the transaction by law firm DWF, led by corporate partner Alasdair Outhwaite, and professional services giant KPMG, led by tax partner Steve Heath.
CTI employs over 125 people across five offices – Manchester, Bristol, Leeds, Liverpool and Hull. It also has an international division, CTI Global.