Endless acquires travel firm CTI

The deal, sees fellow private equity house LDC substantially exit CTI, having first invested in CTI in 2012 and then supported its acquisition of Hotelscene in 2013.

LDC will retain a small equity stake going forward.

Headquartered in Manchester, CTI has around 125 staff based at offices in Bristol, Hull, Leeds and Liverpool. It is led by CEO Clive Wratten, a former UK executive at global airline Etihad.

The deal was led by Endless Partner Mathew Deering, assisted by Kerry Battiscombe and Jon Duffy,

Mr Deering, partner at Endless’ Manchester office 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. 

“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.”

Mr Wratten said: “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.”

The investment is the 19 th from Endless LLP’s £525m Fund IV. Other recent acquisitions include Jones The Bootmaker, Affinity Workforce, Theo Fennell and the Carpet and Flooring business from SIG plc.

Endless was advised by law firm DWF, led by corporate partner Alasdair Outhwaite, business advisers KPMG (led by tax partner Steve Heath and Leeds-based Park Place Corporate Finance (Tim Clarke and James Croxen).

LDC was advised by Squire Patton Boggs (Richard Hunt) and Sentio (Rory Wade).