Isis invests £9m in Key Travel MBO

The deal saw Isis backing the management team led by CEO Spence Knudson. The investment will aim to support the business's expansion in the UK academic market and further its presence in the charity sector, as well as the company's development in the US.

Debt for the deal was provided by Lloyds Bank Commercial Banking Acquisition Finance.

Company
Key Travel focuses on travel management for not-for-profit, academic and faith organisations in the UK. It operates from offices in Manchester, London, Liverpool and Edinburgh, as well as other locations in Europe and the US.

The company has exclusive contracts with airlines and hotels, as well as proprietary IT booking tools. It provides airline tickets, hotels, rail tickets, visas and risk management services to clients including Oxfam, Save the Children and the Universities of Bristol, Cambridge and Liverpool.

The business was established by Ajaya Sodha, who is also chairman of Guild of Travel Management Companies, in 1980. Turnover for 2013 is expected to reach more than £100m.

People
Spence Knudson is CEO of Key Travel. Pete Clarke and Nick Holder led the deal on behalf of Isis. Clarke and Bevan Duncan will join the company's board.

Advisers
Equity – Argate Meridian (Commercial due diligence); Pinsent Mason, Gregg Davidson, Andy Phillips, Sarah Flinn (Legal); Grant Thornton (Financial due diligence); Livingstone, James Lever, Christopher Jones, Bill Troup (Corporate finance); PwC, Simon Viner (Tax); Marsh (Insurance due diligence).
Management – Jamiesons CF, Tom Burton, Andrew Cox (Corporate finance); BLP (Legal).
Debt – Eversheds (Legal).
Vendors – Deloitte, Nigel Bland (Corporate finance); Fox Williams, Peter Faber (Legal); Grant Thornton (Financial due diligence).

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