Management Buy-In of Andante Travels Limited
HMT, led by partner Andrew Thomson and director Paul Read, advised Panoramic Growth Equity (“Panoramic”) and incoming CEO, Ian Finlay, on the management buy-in of market leading archaeological travel business Andante Travels Limited (“Andante”).
Andante, founded in 1985 by archaeologist Dr Annabel Lawson, is a leading British provider of expert guided tours and specialist holidays to destinations of archaeological interest globally. Based in Salisbury, Wiltshire, the business runs over 100 tours in 32 different countries, led by their highly experienced, knowledgeable and multilingual team of archaeologists, professors and academics. Journeys are tailor made, and a network of local contacts ensures that groups are able to escape the crowds and get private access to many of the ancient sites.
Panoramic, a leading investor in fast growing entrepreneurial SMEs, invested £1.8 million in Andante. With revenues approaching £4 million in 2012, and a headcount of 18 at their headquarters, the business is projected to grow significantly in the coming year as the aforementioned investment takes them onto their next stage of expansion.
Newly appointed CEO Ian Finlay, formerly the Managing Director of Tui Travel’s Education Division, is joined on the board by Chairman Martin Leppard, who has an extensive breadth of experience in both private equity and the travel sector, currently serving as a board director on several niche travel businesses.
David Wilson, partner at Panoramic, commented:
“The team at HMT did a first class job in helping us navigate the intricacies of this transaction. Always willing to go the extra mile, we were delighted with the service we received as we now move into the task of delivering strong growth at Andante this year.”
Andrew Thomson commented:
“HMT were delighted to advise Ian and Panoramic on their investment in this unique, market leading business. Having achieved an optimal outcome for all stakeholders involved, we are excited about Andante’s outstanding growth prospects and look forward to working with management and their co-investors in the coming years.”