cendant acquires international life group

US leisure giant Cendant has kicked off its UK acquisitions drive with the purchase of French Life parent International Life Leisure Group for an undisclosed sum.

The deal, which was finalised last week, is understood to have made millionaires of current managing director Martin Leppard and a number of fellow board members.

Cendant – which owns Galileo and a string of US hotel brands – has added the accommodation specialist to a growing portfolio of self-catering brands across Europe. It already owns the Holiday Cottages Group and Welcome Holidays in the UK.

French Life head of retail sales Julia Slater said: “Martin will remain as managing director and the whole structure will stay the same.”

“Self-catering is a growing industry and Cendant is looking for strong brands. We have ambitious targets for the business and Cendant could see that. Being under its wing will allow us to grow even more quickly.”

Slater said all 300 International Life staff were safe in their jobs following the takeover and the company would remain at its existing Leeds base.

A team headed by industry veteran Leppard bought the business from French Life founder Warren Sandral in April 2001 for around £15 million, a deal backed by Barclays Private Equity.

Speaking exclusively to Travel Weekly, Cendant managing director Europe, Middle East and Asia Scott Forbes said the company would now concentrate on expanding its UK brands rather than buying more operators, scuppering rumours it was part of a bid for MyTravel (see story below).

“Acquiring International Life adds strength in France to our pan-European portfolio and gives us the potential for organic growth,” said Forbes.

He added Cendant was committed to the strong trade relationship built up by French Life and Italian Life.