Management and ICG partner in the tertiary buy-out of ATPI

The management team of travel brand ATPI, and Intermediate Capital Group plc (ICG) have announced a new private equity partnership to complete a tertiary management buy-out.

The move follows a four year investment period with current private equity partner Equistone Partners Europe Limited. Terms of the sale were not disclosed.

ICG is investing junior debt and equity. Founded in 1989, it is a specialist investment firm and asset manager providing mezzanine finance, leveraged credit and partnership equity, managing over €11bn of assets in proprietary capital and third party funds.

ATPI is an International travel and events management company which services all key industries, especially in Marine, Oil & Gas and professional services sectors. It will refinance a funding package with banking support from a consortium comprising Lloyds, ING, HSBC, RBS, Investec and Bank of Ireland.

Graham Ramsey, CEO of ATPI said he is excited by the role ATPI can play in the business travel and events market place.

“We now have an international footprint in 37 countries which means we can provide innovative solutions to our clients on a truly global basis. We are delighted to partner with ICG, who have provided us with a unique financing structure which will give us a strong platform for future growth and expansion.”

Matthew Robinson, Investment Director of ICG said innovative client solutions, managing complex travel needs cost effectively and a strong customer service proposition has helped enabled ATPI to differentiate itself. “It has demonstrated a strong financial performance in a difficult economic environment and is well positioned to drive further growth.”

ICG was advised by Deloitte and Travers Smith LLP. Equistone Partners Europe Limited and the ATPI Management team were advised by Rothschild and DLA Piper.

Other exits by Equistone this year include:

• Kermel – In July 2012, funds advised by Equistone sold Kermel, the world’s only producer of fire-resistant polyamide-imide fibers for textile, technical and industrial applications, to Qualium Investissement, for an undisclosed sum.

• Ratioform Holding GmbH – In June 2012, funds advised by Equistone sold all their shares in Ratioform Holding GmbH, a leading supplier of packaging solutions to TAKKT AG for approximately €210m.

• Global Blue – In May 2012, Equistone sold Global Blue, provider of tax-free shopping solutions, to Silver Lake and Partners Group for €1bn.


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