A management buy-out of specialist operator The Artisan Travel Company has been led by managing director Amy Hope with support from the Firebird Partnership consultancy.
Panoramic Growth Equity (PGE), an investor in entrepreneurial UK companies, has invested in Artisan alongside Hope and Firebird co- founders, former Tui director Ian Finlay and venture capitalist Stewart Lambert.
Artisan, founded by Ali and Kate McLean in 2002, is an independent tailor-made operator encompassing multiple travel brands, including The Aurora Zone, the UK’s only holiday firm solely dedicated to Northern Lights trips.
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PGE’s unspecified investment will lead to the expansion of other brands in the Newcastle-based group – Activities Abroad and Artisan Travel.
Plans for the sale were set in motion when the McLeans appointed the Firebird Partnership to explore their exit options.
While trade options were considered, the team also established that Hope was keen on the possibility of an MBO, so Firebird introduced her to a small number of private equity firms.
PGE had previously worked with Finlay and Lambert during its investment in Specialist Tours between 2013 and 2015 and understood some of the unique aspects of investing in a travel company.
PGE partner David Wilson will join the Artisan board, while Finlay stays as non-executive chairman, having reinvested in the company.
Hope said: “I’m delighted to be leading Artisan into the next stage of the company’s evolution in partnership with PGE.
“David Wilson and his team have been incredibly supportive throughout the MBO process and I am sure they will continue to work with us to realise Artisan’s ambitious growth plans over the coming months and years.”
Finlay added: “Ali and Kate built a brilliant business in Artisan and across the years they have had some incredible people within their team.
“They made a brilliant move in appointing Amy as MD, allowing them to step back from the day-to-day operations.
“I am delighted we have helped sell the business to the perfect buyer – Amy loves the business and knows it inside out, and she will have a very supportive partner in Panoramic Growth Equity.
“I’ve enjoyed working with Artisan for the last three years and am looking forward to the next phase of its growth.”
Wilson said: “We are delighted to support Amy alongside Ian in the acquisition of Artisan.
“Artisan is a high-quality tour operator that has weathered the Covid storm, and now has plenty of opportunity to grow across all of its brands. We are very much looking forward to working with Amy and the management team to achieve their goals.”
The Firebird Partnership was founded in 2020, specialising in the travel, hospitality, leisure and education markets, with a mission to support and strengthen businesses that wished not only to survive the pandemic but also thrive in the post-Covid era.
More: Register your interest in attending Travel Weekly’s M&A Business Breakfast on October 4