Vitruvian Partners backs JacTravel management in buyout from Bowmark
London-based JacTravel Group (“JacTravel”), the technology driven, B2B hotel accommodation wholesaler and provider of inbound travel services, announces that independent private equity group, Vitruvian Partners (“Vitruvian”) has acquired the business from Bowmark Capital (“Bowmark”), the mid-market private equity firm. The transaction is worth approximately £80m, and subject only to German competition authority clearance.
JacTravel is a UK-based leader in the high growth wholesale accommodation sector, where it partners with over 12,500 independent and chain hotels in 800 cities globally and processes nearly 1 million bookings per year. JacTravel operates from 10 offices worldwide and employs 220 staff providing services to over 1,000 active customers.
Since Bowmark acquired the business in August 2007, JacTravel has significantly expanded its global coverage, establishing extensive customer and supplier relationships in the emerging travel markets of Latin America, Asia and the Middle East.
Under Bowmark’s ownership, sales and profits have grown at a compound annual growth rate of 16 per cent and 22 per cent respectively.
Under its new ownership JacTravel will accelerate its investment in technology and continue pursuing growth in new markets.
Terry Williamson, Chief Executive of JacTravel, 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.
David Torbet, Bowmark Partner, commented:
Over the past seven years, JacTravel has very successfully capitalised on consumers’ increasing preference for purchasing travel services online. We have worked closely with the management team to develop a strong market position from which to continue the company’s impressive growth.
Ben Johnson, a Partner at Vitruvian, said:
Vitruvian invests in fast growing businesses led by outstanding entrepreneurs. Terry and his team have achieved excellent growth at JacTravel and we are excited about working with them going forward. There is a significant opportunity for the business to continue to grow internationally and serve the large and growing global travel market which has a clear need for the technology and services that JacTravel provides.