Springboard Corporate Finance is delighted to announce that it has advised Vision Capital and the management shareholders of Portman Travel on the sale of the business to Clarity Travel Management, which is part of the Saudi Arabian quoted Al Tayar Group.
About the Deal
Founded in 1959 and employing 390 staff across multiple locations in the UK, Ireland and the Netherlands, Portman services customers across a wide range of sectors. Clarity Travel Management was founded in 2015 following Al Tayar’s acquisition of Co-operative Travel Management. In 18 months of operation, Clarity has grown rapidly and now handles in excess of 1 million business travel trips per year for clients across the corporate, public sector, retail, sport and charity sectors. The transaction creates the seventh largest travel management company in the UK with a combined turnover of in excess of £400 million.
Pat McDonagh, Chief Executive of Clarity will lead the merger of the two businesses. He said “Portman Travel and Clarity are similar sized organisations, with combined gross annual sales of over £400m and proven track records – together we have an opportunity to create something that is truly market leading. The merger brings together the best in talent and experience from both businesses to create a new travel management company with increased buying power, international reach and expertise.”
Partner Simon Ward and Assistant Director James Bailey from Springboard Corporate Finance advised Vision Capital and the management shareholders of Portman Travel on the transaction. Simon Ward commented “The business travel market is a rapidly consolidating global space. Portman, as a long established UK player, attracted a range of interest. We are delighted to have delivered this exit for Vision Capital. ”
How we made a difference
- Advised management team and institutional shareholder on the presentation of the business to strategic global trade acquirors;
- Delivered a complex solution including warranty and indemnity insurance and addressing a pension deficit; and
- Project managed delivery of the transaction through to a successful completion.
Steve Allen - CEO, Portman Travel
For the management team the sale of Portman was a complex and protracted process. Springboard provided great counsel and support in a calm and considered manner. Their understanding of both the acquirer and institutional investor was invaluable in completing the transaction. They added real value throughout.