Buyout (LBO, MBO, MBI) • Internet Software and Services

Synova and Tenzing Private Equity Acquire Fleetway Travel

On August 11, 2015, private equity firm Synova and growth capital firm Tenzing Private Equity acquired internet software and services company Fleetway Travel

Acquisition Context
  • This is Synova’s 2nd and Tenzing Private Equity’s 1st transaction in the Internet Software and Services sector.
  • This is Synova’s 12th and Tenzing Private Equity’s 1st transaction in the United Kingdom.

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M&A Deal Summary

Date August 11, 2015
Target Fleetway Travel
Sector Internet Software and Services
Buyer(s) Synova
Tenzing Private Equity
Deal Type Buyout (LBO, MBO, MBI)

Target Company

Fleetway Travel

London, United Kingdom
Fleetway Travel Ltd. is an online provider of exclusive luxury travel deals. Fleetway Travel was established in 1987 and is based in London, United Kingdom.
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Buyers Overview 2

Buyer

Synova

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2007
PE ASSETS 1.7B GBP
Size Large
Type Sector Agnostic
DESCRIPTION

Synova is an independent private equity firm that invests in mid-market companies throughout the UK. Prospective companies generally possess stable cash flows, strong competitive positions and are led by experienced management teams. Synova looks to invest £15 to £150 million in transactions valued up £250 million. Synova will also consider co-investment situations. The Firm targets companies operating in the consumer products, financial services, leisure, healthcare, education business services, and IT sectors. Funds are generally used to support buyouts and growth capital needs. Synova was formed in 2007 and is based in London.


Deal Context for Buyer #
Overall 13 of 37
Sector: Internet Software and Services 2 of 3
Type: Buyout (LBO, MBO, MBI) 9 of 17
Country: United Kingdom 12 of 33
Year: 2015 4 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-01 Great Value Vacations

Rockville Centre, New York, United States

Great Value Vacations is a provider of exclusive luxury travel deals in both the US and the UK, giving the Business a differentiated proposition, offering hoteliers (typically 4*/5* hotels) a new strategic channel to manage inventory in periods of lower demand, without devaluing their brand. Great Value Vacations was established in 2011 and is based in Rockville Centre, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-10 Merit Software

Dublin, Ireland

Merit Software is a provider of payable and receivable reconciliation and workflow solutions to global investment banks, brokers and clearing houses. Meritsoft was founded in 2000 and is based in Dublin, Ireland.

Buy -
DESCRIPTION

Tenzing Private Equity is a growth oriented private equity investor focused on in founder owned tech and tech-enabled businesses. The Firm seeks businesses valued from £50 to £200 million and operating in the UK and Northern Europe. Target companies typically exhibit high recurring revenue with strong organic growth and provide mission critical B2B products/services. Tenzing Private Equity Was formed in 2015 and is headquartered in London.


Deal Context for Buyer #
Overall 1 of 21
Sector: Internet Software and Services 1 of 3
Type: Buyout (LBO, MBO, MBI) 1 of 7
Country: United Kingdom 1 of 19
Year: 2015 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-05 Smoothwall

Leeds, United Kingdom

Smoothwall is a provider of dynamic web filtering technology for the education and public sectors. With both on-premise and cloud-based offerings, it has an established presence in the UK and a growing footprint in both the US and international markets. Smoothwall pioneered real-time, content-aware analysis that filters incoming web traffic to protect school children and other audiences from inappropriate, illegal, or harmful websites. Smoothwall was founded in 2001 and is based in Leeds, United Kingdom.

Buy -