Private equity investor takes over at CTI
Travel management company CTI has been acquired by private equity investor Endless, taking over a majority stake in the business from LDC.
The deal, for an undisclosed sum, was welcomed by CTI’s Chief Executive, Clive Wratten (pictured). “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,” he says.
Wratten continues: “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.”
Headquartered in Manchester, CTI was established in 1983 as TD Travel, and was rebranded following the purchase of Bristol-based Hotelscene. The company has clients across many sectors and include global law firm Squire Patton Boggs, NSG, WRG and retailers The White Company.
Mathew Deering, partner at Endless’ Manchester office, will join CTI’s board. He says: “CTI is a £77million revenue, top 25 travel management company in the UK with a fantastic customer base and great people.
"We are delighted to partner with LDC on this transaction and believe that with fresh investment and hands-on support from Endless, CTI is capable of delivering strong sales and profit growth in future.
“This is an exciting opportunity in a consolidating sector and we also intend to pursue bolt-on acquisitions as part of our investment strategy.”
Former majority stakeholder LDC first invested in CTI in 2012 and supported CTI’s acquisition of Hotelscene in 2013. It will retain a small equity stake.