Apollo acquires Tifco from Goldman Sachs

Financial details of the transaction, which was confirmed in publicly available documents, remain undisclosed, though the Irish Times reported that it values the business at €500-600m.

The transaction brings to an end the vendor's four-year involvement with the company, during which time Tifco acquired the Travelodge Ireland brand, including 12 hotels. The business has also secured the management contract for five additional hotels and acquired two during that period.

Previous funding
Goldman Sachs acquired Tifco's debt from Irish Bank Resolution Corporation in 2014 and then took a majority stake in the company via a restructuring deal.

Company
Founded as Clontarf Castle Hotel and Conference Centre in 1973, Dublin-headquartered Tifco operates hotels under the Crowne Plaza, Hilton, Travelodge and Holiday Inn Express brands, in addition to a number of non-brand hotels. It has a footprint across Ireland, Northern Ireland and Germany. Tifco employs 1,100 people in its Irish hotels, according to the company website.

People
Tifco Hotel Group – Enda O'Meara (managing director).

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• Topics
• Exits
• Buyouts
• UK / Ireland
• Consumer
• Ireland
• Apollo Management
• Goldman Sachs
• Secondary buyout