ICG backs MBO of ATPI from Equistone

ICG contributed junior debt and equity to the management buyout in exchange for a minority stake. A consortium comprising Lloyds, ING, HSBC, RBS, Investec and Bank of Ireland refinanced ATPI's funding package as part of the transaction.

Previous funding
Equistone (then Barclays Private Equity) bought a majority stake in ATPI in a £73.5m buyout from LDC in 2008. The balance was held by management. LDC reaped a 2.8x money multiple and a 92.3% IRR after a 20-month holding period. LDC originally acquired the business for £36m in December 2006.

Lloyds TSB Corporate Markets and ING Bank arranged the debt package for the deal, which consisted of senior debt and working capital. The debt accounted for about 50% of the deal value and the banks shared the package evenly.

Since the 2008 buyout, ATPI bought Instone, a specialist business travel company in the marine sector, from 3i for £37m in 2009. The business also reshuffled its offering into dedicated operating brands: ATP Corporate Travel, ATP Instone, ATP Event Experts and ATP Select.

Company
ATPI is a global travel management services business, with operations in business travel, corporate event management and online travel technology. The company employs more than 1,400 people across 52 offices in five continents.

People
Matthew Robinson handled the deal for ICG. Equistone was represented by John Walker. Graham Ramsey is CEO of ATPI.

Advisers
Equity – Deloitte (Financial due diligence); Travers Smith (Legal).
Vendor – Rothschild (M&A); DLA Piper (Legal); OC&C (Commercial due diligence); KPMG (Financial due diligence); Ernst & Young (Tax).

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• Topics
• Buyouts
• UK / Ireland
• Support services
• Exits
• United Kingdom
• Secondary buyout
• Equistone Partners Europe
• Intermediate Capital Group