Vitruvian sells Jac Travel in £200m trade sale

The deal saw the GP selling its stake in the business alongside the management team for £200m.

Following the deal, the GP and the company's management team invested a portion of their proceeds in Webjet, according to a statement.

Vitruvian is currently investing its Vitruvian Investment Partnership III fund, which closed in June 2017 on its hard-cap of €2.4bn.

Previous funding
Bowmark Capital acquired Jac Travel – formerly known as Jac Group – in September 2007, investing £11m. The deal was supported with senior debt provided by RBS.

In June 2014, Vitruvian backed the company's SBO in a deal worth £80m.

During its private equity ownership period and following the acquisition of its European competitor TotalStay Group, the company saw its EBITDA rise from £10m to £19m, according to a statement. Furthermore, the business expanded geographically, opening new offices in Beijing and Orlando.

Company
Headquartered in London, Jac Travel is a hotel accommodation wholesaler, which focuses on tailored tours for groups visiting the UK, Ireland and Europe. Established in 1975, the company claims it has customers from 92 countries, and has 14 offices with 500 employees.

In 2016, the business posted a £19m EBITDA, according to a statement.

People
Vitruvian Partners – Ben Johnson (partner).
Jac Travel – Terry Williamson (CEO).

Advisers
Vendor (Vitruvian Partners) – Evercore (M&A); PwC (tax).
Vendor (management) – Evercore (M&A); Fladgates (legal); Vulpes (tax).
Company – Mayer Brown (legal); Deloitte (tax).

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• Topics
• Exits
• Consumer
• UK / Ireland
• United Kingdom
• Trade sale
• Vitruvian Partners