Phoenix backs £30m buyout of Travel Chapter

Financial details of the deal are undisclosed, though unquote" understands it values the business in the region of £30m. Travel Chapter CEO James Morris reinvested as part of the transaction.

As is the case with many other Phoenix portfolio companies, Travel Chapter will undertake a buy-and-build growth strategy.

The deal marks the GP's first platform deal since January 2015 and the maiden investment from its fourth fund, which held a first close on £250m in March and has a £500m target.

Phoenix has a track record of investing in the leisure sector. In December 2014 it acquired river cruise company Riviera Travel and a month later it backed the MBO of holiday park operator Bridge Leisure.

Company
Travel Chapter was founded in 1989 and is headquartered in Bideford, Devon. The company, which operates via an online platform and telephone booking service, generated a turnover of £7.6m and operating profits of £1.4m in the year to October 2015.

People
Travel Chapter – James Morris (CEO).
Phoenix Equity Partners – David Burns (managing partner).

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• Buyouts
• UK / Ireland
• Consumer
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• Buy-and-build