Management Buy-Out of Intuitive Limited
HMT, led by partner Ian Barton, advised the management team of Intuitive and Newco, led by Paul Nixon, on the acquisition of the company from Lowcosttravel Group Limited. NVM Private Equity supported the buyout with an investment of £7m.
Intuitive, which is based in Croydon, was established in 2003 and provides powerful, innovative software to the travel sector. Their web-based iVector platform was launched in 2005 and is a market leading product used by tour operators in 45 countries globally, providing a breadth of functionality focused on speed, product choice, pricing and sales, making it the industry standard in its field.
Intuitive serves a notable client base which includes Thomas Cook, Lastminute.com and EasyJet, and were a finalist in the Technology Business of the Year category at the TTG Travel Awards 2012. In the last 12 months, iVector’s software platform has handled an estimated 416 million searches resulting in over 2.5 million booked passengers.
NVM provided a £7m investment, supporting the management team as they continue to grow the newly independent business to capitalise on the global trend towards more dynamic and flexible travel booking systems.
Paul Nixon, Managing Director of Intuitive, commented:
“I’d like to thank Ian and the team at HMT – some seriously impressive work was done during the process.”
Peter Hodson, NVM Private Equity, commented:
“Ian and the team at HMT rolled their sleeves up to help tackle the issues that we encountered and brought not just effective advice and support, but also good counsel to both NVM and the management team to reach completion.”
Ian Barton commented:
“We are delighted to have supported Paul and NVM in completing this investment and being part of the deal that embarks on Intuitive’s next phase of exciting growth.”