3i reaps 4.5x on Instone sale

Barclays Private Equity-backed travel business ATP International has agreed to wholly acquire Instone International, a marine fare specialist owned by 3i, in a sale that will generate 4.5x money for the vendor according to a source close to the deal. Lloyds and ING provided debt for the deal.

3i invested £3m into Instone in February 2004. Since then, the company's sales have grown from just under £100m to £160m in 2008. Barclays Private Equity acquired ATP in a £73.5m secondary buyout from LDC, which reaped a 92.3% IRR from the sale of the business it acquired in December 2006 for £36m. The merged entity will have global revenues of more than EUR750m.

Instone was founded in 1909 as one of the forerunners of British Airways. The group comprises 18 companies and six franchises, and is based in Brentwood, London. ATP reported a turnover of EUR585m for 2008, generated from its 5,000 clients. Deloitte Corporate Finance and Addleshaw Goddard advised on the deal.

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