Synova and Tenzing purchase Fleetway

Synova and Tenzing have invested alongside the company's directors James Clarke and Ben Braude.

Lloyds Bank Commercial Banking's acquisition finance team provided senior debt facilities to support the transaction.

Company
London-based Fleetway matches luxury hotel bookings with low-cost airlines, enabling hotel rooms to be filled during seasonal dips. The company has partnerships with Travelzoo and Secret Escapes.

Fleetway was established in 1973 and is headquartered in London with an additional call centre based in Sheffield. The business trades under several brands including Fleetway, Luxury Holiday Collection and Exclusive Luxury Breaks.

People
As part of the deal, former Saga Travel CEO Ian Coghaln joined the company as executive chairperson. The company's founder Albere Rouach stepped down following the deal.

Alex Bowden and David Menton are partners at Synova and have joined Fleetway as directors.

Advisers
Equity – PwC (Financial due diligence); Pinsent Masons (Legal); Spectrum Corporate Finance (Corporate finance); The Travel Trade Consultancy (Commercial due diligence).

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• Topics
• UK / Ireland
• Buyouts
• Consumer
• Synova Capital