MML Growth Capital Partners IrelandThursday, 08 February 2018
ByrneWallace advised MML Growth Capital Partners Ireland, a private equity fund dedicated to backing managers of small and medium-sized private businesses located on the island of Ireland, in relation to a significant investment which MML has agreed to make into Travel Department. The investment is expected to complete before the end of March 2018.
The investment, which is subject to regulatory approval, is also supported by bank financing provided by AIB. Travel Department is Ireland’s leading tour operator for guided group holidays. The business has over 22 years’ experience of providing memorable tours to over 100 destinations worldwide, with almost 200 carefully crafted itineraries including cultural breaks, long haul adventures, city breaks and sun holidays. Travel Department will record revenue of over €40 million for 2017 and this investment by MML will help existing management to continue to drive significant growth. MML backed Travel Department’s existing management team, led by CEO Sara Zimmerman.
MML Growth Capital Partners Ireland is a €125 million investment fund supported by Enterprise Ireland, AIB and a number of international institutional investors.
The ByrneWallace team who advised on this transaction was led by Gerry Beausang, Corporate Partner and included Anthony Smyth, Head of Tax and Elaine Davis, Legal Counsel, EU Competition and Regulated Markets.
To read press coverage about this transaction, see links below:
- Irish Times: MML takes controlling stake in Travel Department in €12m deal
- Business Plus: Travel Department turns to Private Equity