Travel management firm ATP International has been purchased by its management for an undisclosed amount with the help of a new financial backer.
Previous owner Equistone Partners Europe announced today (December 3) that it had sold ATPi to its management with backing from investment firm Intermediate Capital Group.
ATPi, which employs 1,400 people across 52 global offices, will continue to be led by current CEO Graham Ramsey following the change of ownership.
Ramsey said: “We are grateful for Equistone’s support, particularly in its backing of our acquisition of Instone, and the extension of the business into new geographies and product areas.
“I believe that there are significant opportunities ahead in the travel sector and look forward to working with ICG to explore these.”
Private equity firm Equistone acquired a majority shareholding in ATPi for £73 million in 2008. Equistone backed ATPi’s £37 million purchase of marine specialist TMC Instone in 2009.
John Walker, director at Equistone Partners Europe, added: “It has been a privilege to work with ATPi over the last four years, helping them to develop the business into one of the fastest growing brands in corporate travel, despite the difficult trading conditions in the travel sector during this time.”