Wed, 28 May 2014 | BUSINESS SALE
Independent private equity group Vitruvian Partners has acquired JacTravel Group for £80 million.
The London-based travel company was purchased from private equity firm Bowmark Capital, which bought the firm back in August 2007. JacTravel reportedly hopes to double its turnover to around £330 million by 2017 as a result of the deal.
The B2B wholesaler and inbound operator partners with more than 12,500 independent and chain hotels in 800 cities globally, and processes around one million bookings a year. It operates from 10 offices worldwide and employs 220 staff.
The acquisition marks Vitruvian's first travel investment. The company has said that it will be looking to further JacTravel’s growth into new global markets and increase investment into its technology infrastructure.
Terry Williamson, chief executive of JacTravel, said that the company had “outgrown” its previous owners and that under the new ownership he was confident the firm would greatly accelerate its growth.
He added: “With Bowmark’s support, JacTravel has achieved fantastic growth over the last seven years. Having established the company as a global player, we are now excited to be partnering with Vitruvian to continue the International expansion program, where further investment will enable us to deliver a number of our key strategic goals in providing market leading technology driven solutions for our international hotel partners and our global customer base.”
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