Inflexion's Reed & Mackay bolts on Concierge Travel

The deal is the latest in a number of bolt-ons for Reed & Mackay 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 it invested in Frankfurt-based Moll Travel. The group then acquired corporate travel agent Hillgate Travel in May 2018.

The Concierge Travel bolt-on is intended to increase Reed & Mackay's presence in the APAC region, following the launch of its Singapore office in May 2018. The group 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 1979, Sydney-headquartered Concierge Travel is a travel agency group. The business operates under the Concierge Business Travel, Concierge Traveller, Alquemie, Points Bank, Freighter Expeditions and Elegant Resorts and Villas brands.

People
Reed & Mackay - Fred Stratford (CEO).
Concierge Travel - David Greenland (managing director); Jamie Strickland (general manager).

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