New main shareholder for Portman Travel
Vision Capital has become the principal shareholder in leading UK independent business travel company Portman Travel.
This follows the sale of a portfolio of investments by Bridgepoint Capital for an undisclosed sum.
Bridgepoint has been Portman’s principal investor since 1996. As a result of the sale Ruth Macintosh of Bridgepoint Capital has resigned as a director of Portman and is replaced by Alister Wormsley of Vision Capital.
Portman chief executive Graham Flack said: “The Portman board is delighted to have this new support for our development strategy and we expect to be seeking new opportunities before too long.”
Wormsley said: “Vision Capital specialises in acquiring portfolios of well-established businesses and Portman fits our investment criteria extremely well.
“Portman Travel is a stable, well run and profitable business with a successful track record of integrating new acquisitions to fuel growth. Vision Capital is backing the existing management team to take Portman to its next stage of development.”
Portman acquired P&O Travel in October, taking turnover for the business to over £260 million. Over the past few years Portman has acquired and integrated AA Business Travel, John Cory Travel and Travelforce, among others.
by Phil Davies
Phil Davies
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