Travel technology provider Comtec has secured a £10 million funding boost for takeovers and plans to treble the size of the company following a management buyout.
Chief executive Simon Powell told Travolution the deal would see 51% of the company transfer to RJD Partners, ending the original ownership structure which included co-founder Dominic Twitchin and Chris Chiles.
The senior management team, including Powell, will hold the remaining 49% of the business.
As part of the deal, RJD has handed Comtec a £10 million bounty to begin a major growth phase for the company through strategic acquisitions.
Powell said the company, as a result of the MBO and investment, plans to treble in size within three years.
He also confirmed that Comtec is close to signing major deals with a CRM outfit, a negotiated fares specialist and rich-media travel content provider.
Andy Moore, a Clearwater Corporate Finance partner who led Comtec’s advisory team, said: “We feel that RJD Partners is the most suitable partner to support the Comtec management’s business plan; together, we structured a deal which will help the management achieve greater growth and underpin Comtec’s future success.”