Traveljigsaw, the Manchester-based worldwide car rental broker, has undergone a management buy-out backed by ISIS Equity Partners and Yorkshire Bank.
The deal gives control to the management team which founded Traveljigsaw in October 2004 and have helped to make it the third largest car rental broker in Europe.
Yorkshire Bank has provided a funding package of £8 million to support the MBO.
Managing director Greg Wills, product and commercial director Nichola Moran, sales and marketing director Laurence Marlor and IT director Andrew Crossland met while working at MyTravel, formerly Airtours.
The MBO team also includes head of finance Stephen Ormerod, who joined Traveljigsaw from Stanley Leisure where he was group financial controller. The company also plans to appoint a non-executive chairman in the near future.
Traveljigsaw is the world’s fastest growing car rental broker, offering customers a single source for car hire via an on-line booking service and a UK-based multi-lingual call centre. The business has well established relationships with all major car rental operators and covers 20 different countries, offering car hire from 4,000 locations.
Ian Howey and Ian Mansell led the deal for Yorkshire Bank. Ian Mansell, director of Specialist & Acquisition Finance in Birmingham said: “Traveljigsaw is a highly profitable business with a number of key strengths, including an impressive and very experienced management team, a strong network of supplier relationships and a specialised, highly effective IT system. Together these represent very effective barriers to entry which would make it difficult for new competitors to replicate the business model.
“ISIS has an understanding of this sector and strong track record in supporting similar businesses. We are confident that it can work with management to further drive the company’s growth.
“Traveljigsaw shows that deals are continuing to complete, despite the more difficult market conditions. Where a deal has the right fundamentals and presents an attractive proposition, it will have no problem in attracting funding.”