ATCORE is a leading technology provider that specialises in software and services for the global travel industry.
The business provides reservation and e-commerce solutions for travel companies and specialist tour operators, with key customers including TUI, Centre Parcs and Voyages Jules Verne, and its solutions for travel businesses mean its customers can remain competitive in a cost-pressured environment.
Acquiring new opportunities
In May 2014 LDC backed the management team in the £45m management buyout of Anite Travel from its listed parent Anite PLC, a deal which saw the business go on to rebrand as ATCORE.
The funding and guidance from LDC has been instrumental in seeing through what has been an incredible period of transformation and growth for the company.”
David Cruickshank, CEO
During the partnership, LDC supported the management team to deliver new product launches, Atcom Search platform and Atcom Retail Browser, as well as the acquisition of Tigerbay, to further diversify the business’ offering and enter new markets.
New strategic hires were also made to the management team, with Dave Cruickshank joining the business and being appointed as CEO in 2016. Mike Kingswood, previous CEO, moved into a non-executive position.
Three years on, ATCORE recorded revenues of £26m, and grew EBITDA to £8.2m.
In November 2017 LDC completed the sale of ATCORE to Inflexion Private Equity in a deal that generated a money multiple return of over 3x for LDC.
We then reinvested in February 2018 to continue our support of the management team’s growth strategy.
It was important for us to firmly establish our own identity after we become an independent entity, and we have worked closely with LDC to expand into new markets and invest in our suite of products.”
If you’d like to know more about what a partnership with LDC could look like, please complete this form and we’ll get in touch.
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