MML invests in Travel Department

Kenny Wastell
14 February 2018

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MML Growth Capital Partners has agreed to invest in Irish tour operator Travel Department.

The deal will see MML investing €12m for a controlling stake in the company, according to a report by The Irish Times.

Under its new ownership model, the business will look to implement an international growth strategy.

MML is currently investing from Growth Capital Partners Ireland, which held a final close on its €125m hard-cap in November 2013.

The transaction is subject to regulatory approval and is scheduled to complete by the end of March 2018.

Company
Founded in 1996 and headquartered in Dublin, Travel Department is a tour operator providing cultural breaks, long haul holidays, city breaks and beach holidays. According to a statement, the company generated a €40m turnover in 2017.

People
MML Growth Capital Partners Ireland – Neil McGowan (investment director).
Travel Department – Sara Zimmerman (CEO).

Advisers
Equity – Byrne Wallace (legal); BDO (financial due diligence); PwC (tax); Armstrong TS (commercial due diligence).
Company – Livingstone, James Lever (corporate finance); Osborne Clarke (legal); Dillon Eustace (legal).