Entertainment and corporate travel management company TAG has attracted travel industry investor ECI Partners.
The mid-market private equity firm, which was advised by financial planner Clearwater UK, is making an undisclosed investment to acquire more than 60% of the company.
TAG is poised for further expansion with ECI’s backing, bolstering its platform and enhancing its bespoke offering to its client base around the world.
The transaction sees an exit for UK private equity firm Apiary Capital, which has supported TAG since 2018.
TAG specialises in providing bespoke service to some of the biggest names in music, film and TV production, with music touring taking up the largest proportion of the business, as well as top C-suite and corporate executives. The business was founded in 1988 as Travel by Appointment and now employs more than 450 people worldwide.
Eight acquisitions were made during Apiary’s ownership. Among recent acquisitions made by TAG was Nashville-based entertainment and luxury travel management company Travel Stars last month and California-based production travel specialist Atlantis Travel in February.
ECI has a track record of involvement in the travel sector with previous investments over 25 years in companies such as holiday cottages operator Travel Chapter, Reed & Mackay, Great Rail Journeys, CarTrawler, laterooms.com and Holiday Autos. It sees opportunities for selective acquisitions and consolidation to expand TAG globally.
TAG chief executive Jens Penny said: “Today is a fantastic milestone in our evolution, as we proudly announce the investment by ECI.
“With our entertainment and corporate clientele and the incredible TAG team, we are very confident that this partnership will deliver a host of new benefits and opportunities as we’re poised to elevate our standards even further, ensuring unparalleled service for our clients as we continue to shape the future of entertainment and high-end corporate travel management.
“We would like to thank the team at Apiary for their support and commitment over the past six years and we look forward to the journey ahead and growth with ECI as our new partner.”
ECI partner George Moss added: “We are excited to be partnering with TAG and leveraging ECI’s experience of investing in the travel industry to propel this global leader to new heights in the global entertainment and corporate travel markets.
“We are looking forward to working with the management team to continue innovating TAG’s service model, investing in technology and supporting the next stage of growth in its global footprint.”
Mark Salter, managing partner at Apiary Capital, said: “We are incredibly proud to have been part of the amazing journey that TAG has been on since our investment in 2018.
“Jens and his team have done a fantastic job in expanding TAG into new geographies and markets, more than doubling the size of the business on the way.
“We are delighted to pass the baton on to ECI who are the right partner to take the business forward and support it through its next phase of growth.”