Wednesday, April 10, 2024 7:01 am
A former investor such as the publisher of Harry Potter Bloomsbury, Games Workshop and National Express has acquired a travel agent who arranges itineraries for the likes of Jay-Z, Rihanna, Lady Gaga and the Foo Fighters.
ECI Partners took over The Appointment Group (TAG) after Apiary Capital put the LondonCompany based on sales with a price of £100 million towards the end of 2023.
TAG was founded by John Gianquitto and Maurice Veronique in 1988 and specializes in booking flights, hotels and other travel arrangements for pop groups, comedians, celebrities and their entourages. The business employs more than 450 people worldwide.
Most of the company was acquired from the London base private capital the company Apiary Capital from Arrowpoint Capital in 2018.
According to The Times in October 2023, Rothschild was hired by Apiary Capital to sell the business for a gain of up to 10 times.
TAG’s accounts for 2023 are not due to be filed at Companies House until September this year.
By 2022, the company’s turnover totaled £40.7 million while it made a pre-tax profit of £11.7 million, according to a document yarn with House of companies.
TAG and ECI Partners did not comment when asked City AM how much the deal was worth.
Apiary Capital said it will make a 4x return on its investment when the deal is completed.
In addition to working with Jay-Z, Rihanna, Lady Gaga and Foo Fighters, TAG also provides its services to famous business leaders.
TAG chief executive Jens Penny said: “Today is a fantastic milestone in our evolution as we are proud to announce the investment from ECI.
“With our entertainment and corporate clientele and the incredible TAG team, we are very confident that this partnership will provide a host of new benefits and opportunities as we stand ready to raise our standards even further, ensuring unparalleled service for our customers as we continue to shape the future of entertainment and high-end corporate travel management.
“We would like to thank Mark, Jess, Nicki and the team at The Apiary for their support and commitment over the past six years and look forward to the journey ahead and growth with ECI as our new partner.”
“Happy to pass the baton”
George Moss, partner at ECI, added: “We are excited to be partnering with TAG and leveraging ECI’s experience investing in the travel industry to propel this global leader to new heights in the global markets of entertainment and corporate travel.
“We look forward to working with the management team to continue to innovate TAG’s service model, investing in technology and supporting the next stage of growth in its global footprint.”
Mark Salter, managing partner of Apiary Capital, said: “We are incredibly proud to have been part of the amazing journey that TAG has been on since our investment in Jens and his team have done a fantastic job expanding TAG into new geographies and markets. , more than doubling the size of the business on the way.
“We are delighted to pass the baton to ECI, who are the right partner to take the business forward and support its next phase of growth.”
Clearwater International provided corporate finance advice to ECI Partners while Squire Patton Boggs provided legal advice.
Rothschild & Co provided corporate finance advice to TAG and Apiary while Browne Jacobson provided legal advice.
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