Barclays stakes out travel

Mid-market private equity firm Barclays Private Equity is to acquire a majority stake in travel company ATP International Group from Lloyds Development Capital (LDC) for £73m.

LDC, the London-based private equity provider, backed a £36m management buyout of ATP in December 2006, taking a majority shareholding.

With six locations across the UK, as well as locations in the Netherlands, USA, Germany, France, Norway, Belgium and Dubai, ATP has a turnover of £410m and is one of the fastest growing business travel companies in the world. The travel group arranges flights, accommodation and events for 5,000 clients operating across a number of sectors, including: oil and gas, government, technology, sports and finance.

Director of Barclays Private Equity in Manchester, John Walker said: “The global business travel market is large at c£317m per annum and growing with long term estimated growth at 4% per annum. ATP has a wide and diverse range if clients with a very low churn rate demonstrating the skill and expertise of the management team. Our investment will also enable ATP to continue its international expansion.”

The deal will add to Barclays Private Equity’s consumer and travel portfolio, which includes Karavel-Promovacances, Jack Wolfskin and Antler.