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Equity groups acquire Pegasus Solutions
US travel technology company Pegasus Solutions has been acquired by an group of equity investors in a deal worth around $275 million.
The Dallas-based company provides technology and services to hotels and travel agents and includes the Utell by Pegasus Unirez by Pegasus brands. It has 18 offices in 13 countries including regional bases in London, Scottsdale and Singapore.
Prides Capital Partners has led the buy-out including partners who are existing Pegasus shareholders.
The deal is expected to be concluded in the first half of 2006, subject to regulatory review.
Prides managing partner Kevin Richardson said: “Pegasus exemplifies the kind of company we look for as part of our investment portfolio. We have a high regard for the quality of the business and management’s focus on meeting customer needs in the dynamic travel industry.”
Pegasus president, CEO and president John Davis said: “This acquisition sends a clear message that we intend to renew our leadership within the travel industry.”
Chief operating officer Bob Boles added: “We will maintain the same service lines and producst and will continue to focus on improving those products and the spped with which we bring them to market.”
Report by Phil Davies
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