Fladgate LLP has acted for the management team of JacTravel, a market leading European B2B travel business, on its acquisition by Webjet, the ASX listed online travel agent, for an enterprise value of £200m. The acquisition will transform Webjet’s B2B business WebBeds, creating the world’s second largest online travel wholesaler.
The acquisition will be funded by a fully underwritten entitlement offer, cash and debt funding and an issue of new Webjet shares to continuing management shareholders and the existing private equity owner of JacTravel.
UK based JacTravel operates a multi-brand strategy via JacTravel and TotalStay, connecting an extensive range of suppliers with travel providers. It specialises in both multi-channel hotel distribution and tailored tours to inbound traveller groups visiting Europe.
Webjet’s Managing Director, John Guscic said: “The acquisition of JacTravel is transformational to WebBeds, creating the #2 B2B player globally and the #2 B2B player in the important European market. JacTravel is highly complementary to WebBeds’ existing portfolio in terms of geography, product and customer mix.”
For the 12 months ended 30 June 2017, JacTravel generated a total transaction value of £398m.
Commenting on the transaction, corporate partner Julian Lewis, who led the Fladgate team, assisted by senior associate Jamie Hamilton said:
“Fladgate has established a strong reputation as expert and trusted advisers to entrepreneurs, entrepreneurially led businesses and management teams, helping them to grow and move through incorporation, expansion, fundraising and ultimately to sale. Our experience, combined with our commercial approach, was a critical factor in achieving a fair balance between the interests of the various parties to the transaction. We look forward to seeing JacTravel become an important part of the Webjet group.”