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Lloyds private equity arm LDC backs TD Travel MBO

21 Mar 2012

The private equity arm of Lloyds Banking Group, LDC, has backed the management buy-out of UK corporate travel company TD Travel.

Although terms of the transaction were not disclosed the company, which provides personalised business travel consultancy and booking services, had £45m of sales last year.

The MBO was led by TD Travel commercial director Ian White, who will become the company’s CEO.

STA Travel co-founder Dick Porter, who was previously chairman of private equity backed Griffin Travel, will join the business as non-executive chairman as part of the deal.

White said: “Securing the backing of LDC is a strong endorsement of the business we’ve built to date, particularly our customer service ethos.

“We’re now ideally placed to accelerate the growth of the business by scaling our core model in new regions and evolving our customer proposition to include new products and services.

“Our ambition is to provide a further enhanced, end to end business travel service to customers, at a time when they are seeking added-value and cost efficiencies across their travel expenditure.”

Tony Norwood, who led the investment for LDC and also joins the board, said: “This is about backing both a proven business model and a dynamic, ambitious management team.

“TD Travel has developed a genuinely differentiated proposition as a consultant-led travel management company securing the loyalty of an impressive customer base which relies heavily on its expertise and cost-saving ability.”

LDC previously invested corporate travel management company ATPI, which it successfully sold to Barclays Private Equity in 2008.

Last month the firm backed the MBO of Pertemps and Network Group Holdings by a joint management team to consolidate the outsourced recruitment market.

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