Private equity firm RJD Partners has led a management buyout of technology company Comtec.
Comtec – whose clients include TUI, Thomas Cook and Travelsphere – will still be run by the existing management team.
Comtec chief executive Simon Powell said: “This is a very exciting day for Comtec. We have ambitious plans for future growth, both in the UK and overseas, and I am confident that RJD share our vision for the company.”
Frank Bulman of RJD Partners said: “We are delighted to have the opportunity to support the managers of Comtec. They have built an excellent and innovative business, with a strong emphasis on customer service and client retention, and we look forward to working with them to realise the company’s full potential.”
The buyout has been financed by a combination of management reinvestment, funds managed by RJD and banking facilities provided by HSBC.