NVM invests £7m in No.1 Traveller MBO

Part of the transaction includes a capital commitment to support the development of new airport lounges. Four new airside lounge facilities are planned for 2014.

Company
Based in London and founded in 2006, No.1 is an airport hospitality firm. The company currently operates five airport lounges at Heathrow, Gatwick, Stansted and Birmingham.

Facilities include bistros, bars, work spaces, family and entertainment rooms, wifi, magazines and newspapers. No.1 also provides travel spas at Heathrow and Gatwick as well as a pod hotel at Heathrow Terminal 3. Other services include chauffeur transfers, express trains, airport parking and security fast-track.

More than 650,000 customers visit No.1's lounges per year, generating a turnover of £10.5m. The firm expects strong growth across the UK and Europe.

People
Peter Hodson is a director at NVM and led the deal. Phil Cameron is the managing director of No.1.

Advisers
Equity – Wragge & Co, Ian Piggin, Neil Pearson, James Bradshaw, Paul Harrington, Graham Spalding, Saffron Smith, Caroline Frost (Legal); Baker Tilly, James Carnegie, Craig Simpson, Rebecca Reading (Financial due diligence, tax); Armstrong TS, Tom Raymond, Ian Pawson (Commercial due diligence); Aon, John Donald (Insurance due diligence).
Management – Riverhill Partners, Peter Collini, Lawrence Chapman (Corporate finance); Continuum, Steve Wycherley (Other due diligence); Harbottle & Lewis, Colin Howes, David Scott, Teresa Leung, Ryan McWhinnie (Legal).

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• Topics
• UK / Ireland
• Consumer
• Buyouts
• United Kingdom
• NVM Private Equity