TRAVEL Counsellors
in the UK has sold a
stake of the global
company to Equistone
Partners Europe, a midmarket
private equity firm,
which is expected “to take
the company to another level
and accelerate [its] growth”.
Travel Counsellors said in a
statement that it envisaged
the investment from
Equistone to facilitate the
management buyout of the
business, which will enable
the company to further
boost the support it offers
to its global family of agents
and bolster its global buying
power and potential for
further overseas expansion.
Founded in 1994 by
David Speakman, Travel
Counsellors has seen 60%
growth over the past five
years with forecast global
sales for the financial year
end October 31, 2014 of
£424m (R7,5bn).
The business will maintain
its existing management
team, including md, Steve
Byrne. David will remain in
his role as chairman.
“This is recognition from
a superior investment
company that it has
confidence in the Travel
Counsellors business model,
what we do and how we do
it,” says gm for South Africa,
Mladen Lukic. “There will
be no significant changes
to operations; current
management will stay in
place, but fresh blood will
be introduced into the
company.”
As part of the deal,
Equistone partner, Steve
O’Hare, will join the board
of the company as a nonexecutive
director. “The
additional funding will be
used to develop its support
to [Travel Counsellors]
agents and market-leading
software, which is crucial to
ensure high levels of service
to its growing customer
base,” said Steve.
