16 June 2015
Press ReleasesJames Cowper Kreston Corporate Finance has advised Specialist Tours Limited on its disposal to Kings Park Capital LLP - a private equity investor focussed on the leisure sector. Kings Park Capital has acquired a majority stake in Specialist Tours for an undisclosed consideration.
In 2013, Specialist Tours received funding from Panoramic Growth Equity to acquire Andante Travels - the leading provider of archaeological tours. The investment was made from Panoramic's Enterprise Capital Fund 1 and supported management plans for organic and acquisitive growth. Since 2013, Specialist Tours has acquired three other niche travel companies - Historical Trips Limited, Lindstone, Inc. (t/a Archaeological Tours) and Arblaster & Clarke Wine Tours Limited.
Kings Park Capital intends to support Specialist Tours’ growth strategy by providing funding to continue the investment in the Group's team and infrastructure, as well as further acquisitions of niche tour operators in adjacent special interest areas, a number of which have already been identified. Specialist Tours will continue to be led by Ian Finlay, the CEO, and other members of the senior management team will also remain with the business.
Ian Finlay, CEO of Specialist Tours, said: "Securing an investment from a like-minded institutional partner with a great track record of assisting travel and leisure businesses to achieve their growth strategies will allow us to expand our brand portfolio and to offer a greater variety of experiences to our valued customers, while maintaining the specialist ethos and high standards of quality that allowed us to develop a loyal following over the years.
“I would like to thank Stewart and his team for advising on the original transaction, the three acquisitions and exit.”
Stewart Lambert, Partner in James Cowper Kreston Corporate Finance, commented: "We are delighted to advised Ian and the other members of management on the sale to Kings Park Capital. Specialist Tours has developed a strong brand portfolio within the travel industry and with Kings Park Capital’s involvement, the Group is well-positioned to drive further growth."
Kings Park Capital was advised by Travers Smith LLP. Due diligence was performed by BDO LLP (financial and tax), Mills & Reeve LLP (legal), Intuitus (IT) and The Travel Trade Consultancy (regulatory). As well as James Cowper Kreston Corporate Finance, the shareholders of Specialist Tours were advised by Southampton-based Pitmans LLP.
