PHD Equity Partners invests £2.5m in 1st Class Holidays

The deal saw the GP, which invests in deals of up to £10m EV for a minority stake, acquire a stake in 1CH through its PHD Equity Partners Fund No.2. The vehicle held a first close on £16.5m in December 2014, targeting £25m.

1CH finance director Henri Treffers will exit his share in the company as part of the investment, though PHD will only acquire a minority stake. Founders Paul Ainsworth and Sharon Mason remain at the helm of the company.

The capital injection is expected to support the company's continued growth.

Company
1st Class Holidays is a Manchester-based travel agency, specialising in holidays to North America, Australia and New Zealand.

The company employs a staff of 36 and has turnover of £16m.

People
Partners Andy Dodd and Craig Richardson led the deal for PHD Equity Partners, alongside director Tony Meakin. James Dow is the managing partner of the GP.

Advisers
Equity - DWF, Jonathan Robinson (Legal); DSW Transaction Services (Financial due diligence); RSM (Tax).
Vendor - BPR Heaton (Financial due diligence); Ward Hadaway (Legal); Benchmark International (Corporate finance).

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• Topics
• Expansion
• UK / Ireland
• Consumer
• United Kingdom