Airport hospitality specialist No. 1 Traveller has gained £7 million of private equity funding in support of a management buyout.
NVM Private Equity will provide development capital to finance a pipeline of new airport lounge opportunities and product innovations.
The business was founded in 2006 by British entrepreneur and award-winning West End theatre producer Phil Cameron, who now owns a majority stake as managing director.
No.1 Traveller provides airport lounges at Heathrow Terminal 3, Gatwick North and South terminals, Stansted and Birmingham, as well as chauffeur-driven airport transfers, airport parking, security fast-track and VIP departure and arrival services.
More than 650,000 people used its lounges last year, generating a turnover of £10.5 million, and close to one million passengers are projected for this year.
NVM’s funding will support numerous expansion plans throughout 2014, including four new airside lounges, which will increase its available market to more than 50 million passengers a year.
The company has doubled in size in three consecutive years through a number of revenue streams including airline partnerships, work with independent agents, member schemes and direct consumer sales.
Cameron said: “We’re delighted to be working with NVM to help reach the next phase of our business growth, as we look to roll out the No.1 brand further.
“In its first five years, No.1 has established great new ways of catching a flight and passengers, now more than ever, are looking for services like this, so there are big opportunities ahead of us.
“We’ll be announcing a number of exciting new locations and innovations in the near future.”
NVM director Peter Hodson said: “We are excited to be a part of No.1’s journey going forward, especially given the growing global demand for airport lounges.
“No.1 is a well-respected and innovative British company whose management team has built strong relationships with airports, airlines and network partners.
“Phil and his team have developed and refined their business model over the years to ensure No.1’s success and profitability.”