In May 2014, LDC backed the business in the £45million management buyout of Anite Travel from its listed parent Anite PLC, rebranding as ATCORE.
During the partnership, LDC has supported the business in new product launches, Atcom Search platform and Atcom Retail Browser, as well as the acquisition of Tigerbay, to further diversify the business’ offering and enter new markets. New strategic hires were made to the management team, with Dave Cruickshank joining the business and being appointed as CEO in 2016. Mike Kingswood, previous CEO, moved into a non-executive position.
Three years on, ATCORE recorded revenues of £26million, and has grown EBITDA to £8.2million.
In November 2017 LDC completed the sale of ATCORE to Inflexion Private Equity generating a money multiple return of over 3x for LDC.
In February 2018 LDC reinvested alongside Inflexion Private Equity to continue to support the growth strategy of ATCORE.
It was important for us to firmly establish our own identity after we become an independent entity, and we have worked closely with LDC to expand into new markets and invest in our suite of products. The funding and guidance from LDC has been instrumental in seeing through what has been an incredible period of transformation and growth for the company.David Cruickshank, CEO, ATCORE