ICG backs tertiary buyout of ATPI

Intermediate Capital Group has backed the tertiary buyout of corporate travel company ATPI using both equity and mezzanine debt, providing an exit for Equistone in the process.

UK-listed investment manager Intermediate Capital Group has backed management in the buyout of ATP International Group, a corporate travel and events company.

ICG invested an undisclosed amount of equity for a minority stake in the business, as well as investing via a mezzanine loan, it said in a statement.

ATPI’s management will own a majority equity stake in the business following the deal, which provides an exit for buyout group Equistone Partners Europe, the company's owner since 2008.

The company’s existing senior debt package has been refinanced by a consortium comprising Lloyds, ING, HSBC, RBS, Investec and Bank of Ireland.

Equistone, which owned the company through its Equistone Partners III Fund, has fully exited the business for an undisclosed return described simply as “good” by director John Walker. The firm, formerly Barclays Private Equity, acquired ATPI in 2008 from LDC in 2008 for £73 million.

Under Equistone’s ownership, the company acquired specialist business travel company Instone from 3i Group for £37 million in 2009. The company strengthened its geographical position with partnerships in Vietnam, Indonesia, Spain and Portugal, and opened two new offices in Australia. It also developed its principal ‘travel to work’ business along sector lines, encompassing marine, oil and gas, industrial and government.

Rothschild and DLA Piper advised Equistone and ATPI’s management, while Deloitte and Travers Smith advised ICG.