ATP arranges flights, accommodation and events for around 5,000 clients operating across a number of sectors, including oil & gas, government, technology, sports and finance. The majority of ATP’s business comes from the UK (40 per cent) and the Netherlands (54 per cent) with operations also in the USA, Germany, France, Norway and Belgium.
LDC backed a £36million management buy-out of ATP in December 2006, taking a majority shareholding. During the 20 month investment, the business has continued to outperform its competitors, delivering sales and profits ahead of plan while increasing its headcount by 23% to almost 900.
Debt funding for both transactions was arranged by Lloyds TSB Corporate Markets in Manchester (Mark Blower). Ray Stenton and Jonathan Bell led the transaction on behalf of LDC. Ray Stenton, Director of LDC in Manchester, 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.”
Graham Ramsey, ATP’s Group Chief Executive Officer, said: “We have achieved significant organic growth and achieved No 34 in the Sunday Times Top 100 fastest growing companies backed by private equity in 2007. I am very pleased that Barclays Private Equity has made this investment because it will enable ATP to grow organically and pursue an acquisition strategy.”
LDC notes to Editors:
LDC (Lloyds TSB Development Capital) is part of the Lloyds Banking Group and is authorised and regulated by the Financial Services Authority. LDC has, since 1981, completed over 400 investments, has ongoing interests in over 60 businesses across the UK. LDC back ambitious management teams from UK-based companies seeking between £2m and £100m of equity for management buy-outs, institutional buy-outs or development capital transactions. LDC invests in a broad range of sectors and has particular experience in financial services, healthcare, industrials, IT & software, leisure & media, retail & consumer, and support services.