Independent travel management company Statesman Travel has acquired Commodore International Travel.
The combined companies claim they will become one of the top 10 UK TMCs with revenues approaching £100 million and a staff of 150 people.
The combined entity will trade as Statesman Travel, but Commodore’s Masterfare will remain a separate brand.
Statesman was acquired in July 2007 by its current management team, joint managing directors Mervyn Williamson and Jon Langley.
The pair led the management buyout of Phoenix Travel Group, together with its subsequent sale to TQ3 Travel Solutions in 2003.
The team also includes non executive chairman Eric Brannan, who held senior roles at American Express and Hogg Robinson, and has worked closely with the management team since 2001.
The deal was assisted by Smith and Williamson Transaction Services, who provided due diligence to Statesman Travel.
Statesman benefited from a £4.25 million investment from Business Growth Fund (BGF), which is an independent company backed by Barclays, HSBC, Lloyds, RBS and Standard Chartered.
BGF will take a minority stake in Statesman and will sit on the board alongside the current management team.
by Bev Fearis
