London-based TMC changes hands
Travel management company Reed & Mackay has changed hands.
Existing investors, ECI Partners and Livingbridge, have sold their investment to private equity firm Inflexion for an undisclosed sum.
The pair have jointly invested in the TMC since April 2011, during which time total transaction value grew to £200 million in 2014 and is set to reach almost £250 million this year.
Staff numbers have also grown from 250 to more than 400 by the end of 2016.
Under the previous ownership, London-based Reed & Mackay recently opened offices in Scotland, the US and the UAE. It also runs an Event Management service.
A statement from Inflexion said the business is now ‘ideally placed to take its market leading service proposition to an increasingly international audience with support and funding’.
Inflexion said it was an experienced investor in the travel sector, ‘particularly in backing companies where technology plays a pivotal role in delivering a differentiated service’.
It said previous investment in consumer brands, Scott Dunn and On the Beach, had seen ‘bespoke technology’ play a ‘significant part in growth and differentiation’.
It has also invested in corporate travel business, Griffin Global Group.
Inflexion managing director Simon Turner said: "We’re delighted to be investing in Reed & Mackay and working alongside its ambitious team to support the next phase of growth, both in the UK and overseas markets.
"Reed & Mackay is a classic Inflexion investment; great team, superior technology platform and superior service driving exceptional growth."
Established in 1962 in the City of London, Reed & Mackay focuses on law firms, insurance companies, finance houses and the energy sector.
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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