Inlfexion's Reed & Mackay bolts on Hillgate Travel

The deal is the fourth bolt-on by the corporate travel business since Inflexion acquired it in a secondary buyout from ECI Partners and Livingbridge two years ago. In January 2017, it made its first acquisition via the bolt-on of Chicago-based Gray's Travel Management and in April 2017 invested in Frankfurt-based Moll Travel.

Reed & Mackay recently opened a Singapore office and has also expanded into France and the United Arab Emirates under the GP's tenure.

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
Founded in 1982 and headquartered in London, Hillgate is a travel agent to corporate clients, with a particular focus on the financial services industry.

People
Reed & Mackay – Fred Stratford (group CEO).

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• Topics
• Expansion
• UK / Ireland
• Consumer
• United Kingdom
• Inflexion Private Equity
• Build-up