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Arrowpoint Advisory's Consumer sector team has advised the senior management of ATCORE Group, a leading travel technology company which provides specialist software platforms for the global leisure travel sector, on its acquisition by Inflexion Private Equity.
With clients such as TUI, Thomas Cook, Centre Parcs and Mark Warner, ATCORE comprises of two principal platforms, Atcom and Tigerbay. Atcom designs, builds and maintains reservation software for leading global tour operators. Its proprietary reservation system is highly complex, and supports sophisticated business models which allow clients to manage large volumes of search requests, optimise customer experience and enhance profitability. Tigerbay serves specialist travel companies. It operates a dynamic, flexible, end-to-end platform that supports a wide range of different businesses and embraces best-in-class digital technologies.
The transaction provides an exit for mid-market private equity firm LDC, which backed the management buy-out of the business from its listed-parent Anite PLC in 2014.
The sale to Inflexion will help ATCORE's ambitious management team accelerate organic growth. Inflexion will also work closely with management to explore a targeted acquisition strategy, capitalising on locally based international experts in Asia and South America to drive international expansion.
Dave Cruickshank, ATCORE CEO, commented: “ATCORE is a thriving international business, designing and operating advanced software platforms for our world-class client base. Customer service excellence is absolutely paramount and we are committed to providing them with a premium service. Partnering with Inflexion, who has extensive sector knowledge and broad international reach, will further enhance ATCORE's offering and we are excited about the next stage of our growth together.”
Simon Turner, Managing Partner, Inflexion, commented: “Inflexion has unrivalled experience in the travel and technology sector with relevant businesses such as Reed & Mackay, Scott Dunn and Griffin Global Group; we also successfully listed On the Beach Group Plc on the London Stock Exchange. ATCORE is an impressive business, leading the pack with technology innovation at its core. We are delighted to partner with such an experienced management team and help grow their market leading position.”
Dave Cruickshank, ATCORE CEO, said: “Simon and Jamie from Arrowpoint Advisory provided the management team with excellent advice and guidance throughout the process. They were always supportive and helped us navigate our way through the complexities of a secondary buy-out deal, adding real value at every stage.”
Simon Cope-Thompson, Managing Director at Arrowpoint Advisory, commented: “We are delighted to have had the opportunity to work with Dave and the rest of the management team on this exciting deal. We are confident that with Inflexion's backing and support, ATCORE will continue to grow shareholder value as it builds on its established market position and expands further internationally.”
The completion of this transaction reinforces Arrowpoint Advisory's Management Advisory credentials following on from the sale of Musto to Helly Hansen, the MBO of CSL backed by Iconiq Capital and the sale of Long Tall Sally to TriStyle Mode GmbH.