Private equity firm Vitruvian Partners has sold hotel and travel company JacTravel to trade buyer Webjet in a £200 million deal.
JacTravel is a B2B hotel accommodation wholesaler and provides tailored tours to groups visiting the UK, Ireland and Europe.
The company, which is based in London, serves customers in 92 countries with a portfolio of over 10,000 directly contracted hotels and an aggregated portfolio of 170,000 properties worldwide. It handles 1.3 million bookings annually and employs more than 500 staff in 14 offices.
JacTravel has grown its EBITDA from £10 million to over £19 million in the past three years since Vitruvian Partners bought the business in 2014. During that time it has acquired hotel company TotalStay Group, invested significantly in its IT systems and infrastructure, and opened new offices in Beijing and Orlando.
Both Vitruvian Partners and JacTravel’s management team are using some of the proceeds from the sale to buy Webjet shares.
Terry Williamson, CEO of JacTravel, said: “Our partnership with Vitruvian has been invaluable over the last three years in enabling JacTravel to achieve a step-change in its scale, technology, and geographical reach. I thank the whole Vitruvian team for their unstinting support, encouragement and contribution. The combination with Webjet is the next logical step in our global expansion vision which will enable us to offer even greater wider reach to our hotel partners and greater choice and value to our customers.”
Ben Johnson, a Partner at Vitruvian, added: “Since its foundation over 40 years ago, JacTravel has been an innovator in the travel industry. The management team’s leadership and vision over the past three years have continued this ethos as JacTravel has used technology to drive growth and enter new markets. Vitruvian’s partnership with the team has been rewarding as we have helped drive accelerated growth through strategic initiatives, including the implementation of a leading travel technology platform, the opening of the Beijing and Orlando offices and the acquisition of TotalStay Group.”