The School Travel Group, the platform company that Bowmark Capital and John Bowden created in 2004, has bought Kuoni Travel’s School and Student Tours business for an undisclosed amount.
Since its inception, School Travel Group has completed four acquisitions, including STS Travel in 2004, Equity Travel in 2005 and Pavilion Tours in 2006. The company has annual sales of about £60 million.
Bowmark’s Mark Salter said: “The management team of STG and Bowmark spotted this trend in 2003 and set about the consolidation of the smaller operators. This is another successful step completed in the overall plan we have for the business.”
London-based Bowmark has invested in more than 60 growth businesses, and typically invests between £10 and £15 million in each deal. The firm sold Medscreen, a drug testing services provider, in November, generating an IRR of 52 percent.