UK - BPE-backed ATP acquires Instone from 3i in £37m deal

Deborah
18 May 2009

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Barclays Private Equity-backed ATP International Group has acquired marine travel company Instone International from 3i, in a deal valued at £37m. Lloyds TSB Corporate Markets' acquistion finance team provided working capital facilities to support the deal.

The combined group will have a branch network spanning 20 countries and is expected to generate worldwide gross sales of over £750m in 2009.

BPE backed the £73.5m secondary buyout of ATP from LDC in August 2008. Lloyds TSB Corporate Markets and ING Bank provided senior debt and working capital, with total debt amounting to 50% of the deal value.

London-based ATP International Group arranges flights, accommodation and events for corporate clients with national and international travel needs. Clients come from a number of sectors such as oil and gas, government, technology, sports and finance. ATP has several offices in the UK and operations in the Netherlands, the US, Germany, France, Norway, Belgium and Dubai. In 2008, the company had a turnover in excess of €500m and employed almost 900 staff.

Instone offers corporate and marine travel solutions to blue-chip merchant marine and offshore clients. The company, which was founded in 1909, employs 200 staff and is headquartered in Brentwood, London.