A majority stake in The Appointment Group (TAG), a corporate travel service firm thatt organises international travel for big-name music stars such as Rihanna and Jay-Z, has been acquired by Apiary Capital, a fledging private equity company that is based in the United Kingdom.
According to a source that is close to the said deal, the company has invested £18 million for a majority stake in TAG. The deal is considered to be first deal of Apiary since raising £200 million for to invest in mid-market businesses in the United Kingdom.
TAG was founded in 1988 by Mark Salter, a former Bowmark Capital partner. It works with the entertainment and live music industry to organise the tours for musicians. The company has arranged global travel itineraries for world-famous performers such as Foo Fighters, Depeche Mode, and Lady Gaga, including their production crews and support teams. The headquarters of the company is located in the United Kingdom and has approximately 270 employees.
Apiary says that it will help in driving growth for TAG via international expansion, acquisitions, and investment in new technology.
A partner at Apiary Capital, Nicki Boyd, says that the investment is a testament to the impressive business that was built by co-founders Maurice Veronique and John Gianquitto.
Boyd continued: “As a UK company operating in a fragmented market and with an excellent platform for growth, TAG fits perfectly within out investment sphere.”
Gianquitto said that the buyout was an “incredible milestone” for TAG.
He added: “Apiary’s investment will enable the group to accelerate its growth through technology investment and expansion into new markets, while maintaining its reputation for peerless levels of customer service that everyone has come to expect from TAG.”