The Business Growth Fund (BGF), the fund set up by five major UK-based banking groups, invested £4.25m ($6.7m) in UK-based travel management company Statesman Travel Group yesterday.
Statesman was founded in 1975 and acquired by former owners of the Phoenix Travel Group in July 2007. Since then Statesman has increased sales by over 50% and staffing from 40 to 75.
With the aid of the funding, Statesman has acquired competitor Commodore Travel, and the combined company is set to become one of the UK’s ten largest travel management companies, measured by transaction volume.
Stephen Welton, chief executive officer of BGF, said: "Statesman Travel Group is a brand built on old fashioned quality of service, combined with a highly innovative approach to new technology. This has enabled the management team to secure a market leading position and to acquire another industry player, to add to its blue chip client base and to expand its international capability
Welton continued: "This is BGF’s second investment and demonstrates that we are now very much open for business. In some ways the two deals illustrate the breadth and variety of companies and circumstances in which BGF will invest. Both companies share one very important thing – a proven and dynamic management team with a clear plan to grow their business."