3i, Europe’s leading venture capital company, can confirm the £22m management buy-out of Leger Holidays from MyTravel.
This is a re-investment for 3i who originally backed Managing Director Ian Henry in 1993 selling the business to MyTravel in 2000. The deal was initiated and led by Clearwater Corporate Finance Plc in the Midlands.
Leger Holidays based in Rotherham is one of the UK’s leading coach holiday operators specialising in trips to Euro-Disney and destinations throughout continental Europe.
Clearwater’s relationship with Leger Holidays dates back to the mid 90’s. Paul Newell, head of Clearwater’s Nottingham office said “We first met Ian and the team in the mid 90’s when they had raised some growth capital from 3i and helped them sell the business to MyTravel in 1999.
Mike Robins Director of 3i Manchester office comments on the deal; “When we first invested in Leger Holidays, we were confident in the business model and the management team. Our original investment proved successful. This time round we are backing the same winning formula including Ian Henry, Managing Director of Leger Holidays, who has an impressive and consistent track record in delivering profit growth.”
Ian Henry Managing Director of Leger Holidays said; “We have maintained a strong relationship with Clearwater and 3i over the years. This continuous support and the financial backing provided means that we will be able to focus on developing the business. We are confident that we have the right strategy in place to do this.”
Clearwater Corporate Finance in Nottingham managed the deal with a team led by Paul Newell and Karen Edwards.