LDC sells ATP International to Barclays Private Equity

The sale generated a cash multiple of 2.8 times and an IRR of 92.3 per cent for LDC, the firm said.

LDC backed a £36m MBO of ATP in December 2006, taking a majority shareholding.

ATP arranges flights, accommodation and events for around 5,000 corporate clients, with the majority of its business coming from the UK and the Netherlands. It has annual revenues in excess of £410m.

Ray Stenton, director of LDC, said, 'We worked closely with management throughout our investment to deliver significant value creation and enhanced performance across the group. The sale to Barclays Private Equity is an excellent outcome for ATP's shareholders, employees and customers and we wish them continued success.'

John Walker, director of Barclays Private Equity, said, 'ATP International Group is a fast growing, dynamic and exciting business which is a leader in its field. The global business travel market is large at around €400bn per annum and growing with long-term growth estimated at four per cent per annum. ATP has a wide and diverse range of clients with a very low churn rate demonstrating the skill and experience of the management team. Our investment will also enable ATP to continue its international expansion.'

LDC invests in UK MBOs, institutional buy-outs and development capital transactions.

Barclays Private Equity's consumer and travel portfolio also includes Karavel-Promovacances, Jack Wolfskin and Antler.

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