Inflexion's Reed & Mackay bolts on Gray's Travel

The deal marks the first bolt-on acquisition by the business since Inflexion acquired it six months ago in a secondary buyout from ECI Partners and Livingbridge.

The acquisition increases Reed & Mackay's presence in the US market and reinforces the international expansion strategy undertaken by the company under its previous owners.

Inflexion has a long track record of investing in the travel sector. In 2014, it sold Griffin Global Group to travel management and events business ATPI in a deal reportedly valued at £120m. The sale – following a five-year holding period – represented a 2.8x return for the GP.

The firm also acquired online travel agent On the Beach from Livingbridge in a £73m deal in November 2013. On the Beach floated on the London Stock Exchange with a £240m market cap in September 2015, generating an IRR of 84%.

Company
Chicago-headquartered Gray's Travel is a corporate travel business. Its services include the management of airline, hotel and car hire bookings, consultancy related to companies' business travel strategies, 24-hour support and meeting planning.

People
Inflexion – Mark Williams (partner).

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