We are delighted to announce that Endless LLP, a transformational private equity company, has today taken ownership of CTI and will be our main investment partner moving forward. In Endless we have an investment partner who share the passion, vision and energy for the business as the CTI team do. Endless LLP will take over majority ownership from LDC who have supported us so well for the last five years.
Endless are committed to helping CTI evolve and grow, this new partnership will afford us the opportunity to continue our growth plan and will also offer us the chance to invest in new products and technology. They share our vision for CTI to be an innovative, creative and market leading Travel Partnership Company.
Please read on for the full press release.
For Immediate Release
CTI acquired by private equity investor Endless
14th July 2017 – CTI, a corporate travel management company, has announced it has been acquired by private equity investor Endless LLP.
The deal saw the firm, led by Endless partner Mathew Deering with the assistance of Kerry Battiscombe and Jon Duffy, snap up a majority stake in the Manchester-headquartered travel company as mid-market private equity house LDC made a substantial exit.
LDC, which first invested in CTI in 2012 and backed its acquisition of Hotelscene in 2013, will retain a small equity stake.
CTI employs around 125 people across offices in Manchester, Liverpool, Hull, Leeds and Bristol.
Founded in 1983 as TD Travel, the firm is headed up by CEO Clive Wratten, who was once a UK executive of Middle Eastern airline Etihad.
CTI Chief Executive Clive Wratten commented: “I am delighted that Endless have chosen to invest in CTI. To have an investment partner with such a great track record of success is very exciting for the team at CTI.
“The travel management industry is a dynamic sector and with this new partnership CTI will be able to continue to develop its contemporary and innovative approach to the corporate travel market.”
Mathew Deering, a partner at Endless’ office in Manchester, will join CTI’s board.
He said: “CTI is a £77m revenue, top 25 travel management company in the UK with a fantastic customer base and great people.
He added: “This is an exciting opportunity in a consolidating sector and we also intend to pursue bolt-on acquisitions as part of our investment strategy.”
Endless was advised on the transaction by law firm DWF, led by corporate partner Alasdair Outhwaite, and professional services giant KPMG, led by tax partner Steve Heath.
- CTI is one of the UK’s top 25 corporate travel providers. It was launched in October 2013 following the acquisition of Hotelscene by the TD Travel Group in July 2013
- CTI has divisions specialising in Corporate Travel, Hotels, Meetings & Events, Marine Travel, Rail and Sports Travel. It delivers the full range of business travel services, including but not limited to air travel, hotels, rail, car hire, meetings and conferences
- CTI excels at providing travel services for SMEs and large companies in a wide range of sectors including manufacturing, telecoms, IT, professional services, fashion and retail
- The company employs over 125 people across five offices – Manchester, Bristol, Leeds, Liverpool and Hull
- CTI Global is the international division of the company dealing with multinational clients. CTI Global creates a bespoke alliance of suppliers to fit a client’s specific need
For further information on CTI, please contact us.