Inflexion divests Griffin Global Group

Harriet Bailey
10 November 2014

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Inflexion Private Equity has sold Griffin Global Group to travel management and events company ATPI.

It is understood that Inflexion saw a return of 2.8x money on its original investment. According to The Telegraph, the sale was valued at £120m.

Inflexion stated it helped create a single executive board for the specialist travel company and sourced a new executive chairman and management team. While under Inflexion's management, Griffin stated it improved its technology platform, increased its offshore market share and developed new services.

Previous funding
Inflexion acquired a minority stake in Griffin in 2009 from its Inflexion 2006 Buyout Fund, backing the acquisition of the estate of a deceased founder. The deal also allowed management to realise part of their stake in the company. HSBC supplied a senior debt package to support the transaction.

Company
Headquartered in London, Griffin provides specialist travel services to the crews of marine, offshore and cruise industries worldwide. Customers include ship owners, ship managers and oil and gas managers.

The company was founded in 1977 and has a network of 33 offices in 22 countries. It has around 750 employees and generated revenues of £4.1m in 2012.

ATPI specialises in travel booking and corporate events management. It is backed by Lloyds, ING, HASBC, RBS, Investec, Aimco and Bank of Ireland and is funded in partnership with ICG. Following the acquisition of Griffin, ATPI will have more than 6,300 employees and around 5,000 clients.

It acquired Australia-based independent travel management company Voyager Travel earlier this year. ATPI saw revenues of £720m in 2013 and expects to generate £1.2bn in turnover in 2014 following its two purchases.

People
Simon Turner is managing partner at Inflexion, while Gareth Healy is an investment director and led the sale process. Simon Morse is executive chairman at Griffin. Graham Ramsey is CEO of the ATPI Group. Matthew Robinson is investment director at ICG.

Advisers
Equity - Catalyst (Corporate finance).