Elysian acquires Key Travel from Livingbridge

The deal represents a 3.2x return for Livingbridge after a five-year holding period. The vendor was invested in the company via its VCTs and Livingbridge Enterprise 1.

Elysian is currently investing from its £250m second fund, which held its final close in July 2015 and was 41% deployed as of December 2017, according to Unquote Data. The fund typically acquires controlling equity positions in companies with enterprise values of £10-100m.

Under Livingbridge's tenure, the company undertook an international expansion strategy, with a particular focus on the US market. It opened a new office in Philadelphia in 2013 and acquired Boston-based OT&T in 2016.

Key Travel has also made a number of senior appointments, including the recruitment of current CEO Saad Hammad, chief financial officer Alex Davis and chief technology officer David Burns.

Previous funding
Livingbridge invested £9m as part of a management buyout for Key Travel in August 2013.

Company
Founded in 1980, Key Travel is a travel agent and provider of related risk management services for the humanitarian, faith and academic sectors. Its clients include WWF, ActionAid and research-focused universities including Oxford, Cambridge and King's College London.

The investment will aim to support the company's expansion in the UK academic market and further its presence in the charity sector, as well as the company's development in the US.

People
Livingbridge – Bevan Duncan (investment director).
Elysian Capital – Ken Terry (CEO).
Key Travel – Saad Hammad (CEO).

Advisers
Equity – Charles Russell Speechlys (legal); BDO (corporate finance); EY Parthenon (commercial due diligence); Aon (insurance due diligence); Travology (other due diligence).
Vendor – Pinsent Masons (legal); PwC (tax); Livingstone Partners (corporate finance).

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• Topics
• Exits
• Buyouts
• UK / Ireland
• Consumer
• United Kingdom
• Elysian Capital
• Livingbridge
• EY (Ernst & Young)
• BDO LLP
• PwC
• Pinsent Masons
• Livingstone