Equistone buys Travel Counsellors

Equistone has invested in the company via its fourth fund, which launched in November 2011 with a £1.5bn target and £500m already raised. The vehicle, Equistone Partners Europe Fund IV, then held an interim close in April 2012 on £1bn and a final close in January last year, having hit its £1.5bn target.

The firm entered exclusive discussions with Travel Counsellors earlier this month, with reports at the time stating that Equistone's capital injection looked set to reach £100m.

Under Equistone's ownership, the company intends to expand operations in the leisure and corporate sectors, as well as look at further international expansion.

Debt
A senior debt package and working capital facilities have been provided for the transaction by the acquisition finance and mid-markets teams at Lloyds Bank Commercial Banking.

Company
Founded in 1994, Travel Counsellors is headquartered in Bolton with overseas franchise offices located in Ireland, Belgium, the Netherlands, South Africa, Australia, Canada and Dubai.

The company provides holiday booking services. It employs 250 staff, with 1,300 travel franchisees abroad.

Travel Counsellors generated turnover of £385m in 2013 and expects to generate revenues of £424m for the year ending 31 October 2014. It claims to have experienced a growth rate of 60% over the last five years.

People
David and Maureen Speakman – the former of whom is chairman – are the founders of Travel Counsellors; the company's managing director is Steve Byrne. Equistone partner Steve O'Hare has joined the company's board of directors.

Advisers
Equity – Deloitte (Corporate finance); Pinsent Masons (Legal); PwC (Financial due diligence); LEK Consulting (Commercial due diligence).
Company – Rothschild (Corporate finance); Addleshaw Goddard (Legal).

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• Topics
• UK / Ireland
• Buyouts
• Consumer
• United Kingdom
• Equistone Partners Europe