Stewart Travel has completed a management buyout (MBO) and acquired Lapland specialist Canterbury Travel.
Managing director Duncan Wilson, and senior managers Rick Green and Brian Cassidy completed the MBO of Stewart Travel from AIM-listed Minoan PLC supported by Zachary Asset Holdings.
Middlesex-based Canterbury Travel has also been acquired and will be integrated into the group under the banner of newly-created Brooklyn Travel Holdings.
The transactions are worth a combined £23 million and were backed by private equity investor Zachary Asset Holdings, with HSBC providing £12.75 million of acquisition finance and working capital facilities.
TTC provided regulatory support for the deals which are the first stage of a “buy and build play” in the specialist travel sector for Glasgow-based Stewart Travel.
Canterbury Travel, established in 1970, owns a selection of Santa-themed villas as well as hotels and offers a range of Arctic activities such as sleigh rides with huskies, snowmobile experiences, reindeer safari’s and catching sight of the Northern Lights.
Duncan Wilson, former CEO of Direct Holidays PLC, which was sold to Airtours Group where he became UK CEO before its rebrand as My Travel Group PLC, said: “We are all delighted to have concluded what was a reasonably complicated series of transactions. We warmly welcome everyone connected to Canterbury business to the Brooklyn Travel family of companies.”