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ATP International Group, the multinational UK owned corporate travel provider, backed by its private equity partner Barclays Private Equity, announces its conditional purchase of 100% of the share capital of Instone International one of the world's leading marine fares specialists. The combined group will have worldwide revenues in excess of €750 Million with a branch network covering 20 countries plus a worldwide partner network.
The acquisition of Instone will position ATP as one of the world's leading travel management companies. Group Chief Executive Graham Ramsey commented on the deal:
"Instone International is the perfect fit for us and for our company culture; both organisations are top players in their respective fields and both will benefit substantially from wider service opportunities and a substantially increased global footprint. The opportunities this creates for our clients, staff and suppliers will make this an exciting deal for ATP and for the industry.
"It is also highly significant that in these difficult financial times ATP's investors have recognised the quality of our team and our proposition sufficiently to support our continued growth."
Instone International has a strong history in the travel business, tracing its roots back to 1919. Egil Skibenes, Instones' Chairman said:
"This is a joyous moment in Instones' history - and for all of us. Instone has been courted for quite some time and to have found a suitor, who would be our suitor of choice, is more than we could have hoped for. ATP is renowned for its quality offering and as such has become a leading corporate travel specialist. We are confident that they are the perfect custodians for a marine travel brand and a culture that stretches back nearly a century, we look forward to developing our joint offering and building a successful future together."
Deal Summary
Acquirer - ATP International Group supported by Barclays Private Equity
Bankers
Lloyds TSB
ING Bank
Advisors
Deloitte Corporate Finance
Addleshaw Goddard