Endless acquires leading travel management business CTI

Transformational private equity investor Endless LLP has acquired a majority stake in business travel management company CTI for an undisclosed sum.

The deal, led by Endless Partner Mathew Deering, assisted by Kerry Battiscombe and Jon Duffy, sees mid-market private equity house LDC substantially exit CTI.

LDC first invested in CTI in 2012 and then supported its acquisition of Hotelscene in 2013. LDC will retain a small equity stake going forward.

Headquartered in Manchester, CTI has around 125 staff based at offices in Bristol, Hull, Leeds and Liverpool. It is led by CEO Clive Wratten, a former UK executive at global airline Etihad.  Mathew Deering, partner at Endless’ Manchester office will join CTI’s board.

Mr Deering said: “CTI is a £77m revenue, top 25 travel management company in the UK with a fantastic customer base and great people. We are delighted to partner with LDC on this transaction and believe that with fresh investment and hands-on support from Endless, CTI is capable of delivering strong sales and profit growth in future. 

“This is an exciting opportunity in a consolidating sector and we also intend to pursue bolt-on acquisitions as part of our investment strategy.”

Clive Wratten said: “I am delighted that Endless have chosen to invest in CTI. To have an investment partner with such a great track record of success is very exciting for the team at CTI.

“The travel management industry is a dynamic sector and with this new partnership CTI will be able to continue to develop its contemporary and innovative approach to the corporate travel market.”

The investment is the 19th from Endless LLP’s £525m Fund IV. Other recent acquisitions include Jones Bootmaker, Affinity Workforce, Theo Fennell and the Carpet and Flooring business from SIG plc.

CTI was established in 1983 as TD Travel, and was rebranded following the purchase of Bristol-based Hotelscene. The company has clients across many sectors and include global law firm Squire Patton Boggs, NSG, WRG and retailers The White Company.

Endless was advised by law firm DWF, led by corporate partner Alasdair Outhwaite, Park Place Corporate Finance (Tim Clarke and James Croxen) and business advisers KPMG, led by tax partner Steve Heath. LDC was advised by Squire Patton Boggs (Richard Hunt) and Sentio (Rory Wade).