UK-based mid-market firm Inflexion Private Equity has sold its minority stake in Griffin Global Group, a global travel business for the marine and offshore industries to travel management company ATPI, according to a statement.
Financial details of the transaction were undisclosed but, according to a source familiar with the deal, the enterprise value of Griffin stood was approximately £120 million (€153 million, $191 million) netting Inflexion a 2.8x return.
Inflexion declined to comment on deal financials.
Inflexion supported Griffin’s management team, helped improve its technology platform and increased its offshore market share, the firm said. Inflexion also used its network to help source a new executive chairman and worked with the existing team to create the right management team.
The firm made the investment using Inflexion Private Equity III, a £165 million 2006-vintage according to PEI’s Research & Analytics division.
The exit comes shortly after Inflexion collected more than £1 billion for two investment vehicles. In September, Inflexion’s flagship fund, Inflexion Buyout Fund IV, closed on its hard-cap of £650 million, while Inflexion Partnership Capital Fund I, which will make minority investments in the UK mid-market, closed on its hard-cap of £400 million.
Inflexion typically invests between £15 million and £75 million in high growth, entrepreneurial businesses. It targets buyouts, as well as minority investments through its partnership capital team. The firm invests across different sectors from offices in London and Manchester. Inflexion also has teams in Bangalore, São Paulo and Shanghai for portfolio development.