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.