Private equity firm NorthEdge Capital has backed a management buyout (MBO) at ITC Luxury Travel Group.
NorthEdge has invested for a majority stake in the Chester-based tour operator, supporting chief exec Jen Atkinson and her senior team as they invest in IT, management, staff and other areas of the business.
Jen said: "We’re delighted to have NorthEdge on board as a partner as we look to increase market share in the luxury travel space.
"The investment from NorthEdge will allow us to invest in the training and development of our sales teams, as well as developing our IT infrastructure to ensure we can continue to deliver exceptional experiences and market leading service to our customers."
She continued: "We will also be looking to broaden our product offering beyond our current luxury and tailor made proposition.
"Our customers demand unique experiences in the world’s most exclusive destinations with a first-class service."
NorthEdge partner Ray Stenton led on the deal with support from Phil Frame, the firm’s investment director, and investment manager George Potts.
Ray will now join the ITC board in the role of non-executive director, while Andrew Higginson – currently the chairman of supermarket chain WM Morrison plc and home shopping business N Brown Group plc – has been appointed as chairman.
Ray commented: "ITC is recognised as one of the UK’s pre-eminent luxury travel brands and has been selling luxury holidays into a resilient consumer base for over 40 years.
"The business has a clear growth strategy and has already demonstrated its ability to expand both organically and through acquisition."
Speaking further, Ray said he believes Jen has "done a superb job” in doubling ITC’s profitability and "getting the company to where it is today”.
He added: "We look forward to working with her and the rest of the management team in delivering the next stage of the company’s development."
Established in 1974, tour operator ITC has since grown to employ a team of 200. Between 2013 and April this year, the firm saw its turnover rise from £43m to £80m.