Endless eyes growth after taking majority control of travel firm CTI

PRIVATE EQUITY firm Endless has taken a majority stake in business travel management company CTI for an undisclosed sum.

The deal will see Endless partner, Mathew Deering, join the CTI board and marks the substantial exit of fellow private equity house LDC from the business. LDC first invested in CTI in 2012 and then supported its acquisition of Hotelscene in 2013.

It 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 Mr Deering and was assisted by Kerry Battiscombe and Jon Duffy.

Mr Deering 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 has 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.”