Livingbridge exits specialist travel management company Key Travel to Elysian Capital LLP
Livingbridge, one of the leading UK mid-market private equity firms, today announces the sale of Key Travel to Elysian Capital LLP, generating a 3.2x gross multiple.
Key Travel is the leading travel management company (“TMC”) dedicated to the humanitarian, faith and academic sectors. Currently operating in 54 countries worldwide, with over 1,900 clients, Key Travel provides travel and risk management services to clients such as WWF and ActionAid, along with 40% of the top 24 research-based universities in the UK including Oxford, Cambridge and King’s College London.
Livingbridge backed the management buyout of Key Travel in July 2013. Its investment has helped to accelerate the Group’s US expansion through the opening of its Philadelphia office in 2013 and the 2016 acquisition of the Boston based OT&T. The Group now has seven offices across the UK, Europe and US.
Key’s management team has also been bolstered significantly over the past six years with the recruitment of current CEO, Saad Hammad alongside the appointments of Alex Davis as CFO and David Burns as CTO.
Commenting on the sale, Saad Hammad, CEO of Key Travel said:
“We are thrilled with the progress that Key Travel has made over the past five years. With Livingbridge’s backing and guidance we have grown to be the largest international TMC exclusively focusing on the humanitarian, faith and academic sectors. With the support of our new partners, Elysian Capital, we look forward to ramping up our global growth across new geographies over the coming years and fulfilling our ambition to double in size over the medium term.”
Ken Terry at Elysian Capital said:
“We are very pleased to be working with Saad and the team at Key Travel in the next phase of their exciting growth. We have been very impressed with the business and its positioning as the leading TMC in the ‘not for profit’ travel segment. The opportunities to grow and better serve Key’s customers and suppliers throughout the world suits well the Elysian operating model of growth through partnership and we look forward to a mutually rewarding journey together”
Bevan Duncan at Livingbridge said:
“It’s been a real pleasure working with Saad and the team at Key Travel and we’re extremely proud of the progress the business has made. Key has become a truly global leader in its target markets through a relentless focus on delivering value for its customers. We look forward to seeing the team continue this growth trajectory over the coming years”
For further information, please contact:
Ken Terry, CEO Elysian Capital firstname.lastname@example.org