Transport specialist’s Spanish acquisition delivers £120m-turnover group
Accrington-based managed transport and accommodation provider, CMAC Group, has acquired a Spanish airport transfer company, for an undisclosed sum.
The addition of Barcelona-based Suntransfers bolsters CMAC’s supply chain, provides immediate coverage to its existing clients across 23,000 destinations, and delivers a combined group turnover of more than £120m and a total headcount of in excess of 270 staff across eight offices.
Suntransfers was founded in 2008 and is one of Europe’s largest airport transfer companies, offering global travel solutions across more than 750 airports and travel gateways worldwide.
Employing more than 30 industry specialists, the firm manages around 400,000 bookings per annum and is on track to exceed its pre-pandemic revenues by the end of financial year 2022.
Peter Slater, CEO of CMAC Group, said: “We’re excited to announce this acquisition and join forces with Suntransfers.
“The acquisition will facilitate powerful new developments for both businesses, and, together, we will continue building a stronger presence internationally whilst providing a wider range of market leading services focused on client service excellence.”
Nathan Timmins, managing director of Suntransfers, said: “We’re immensely proud of our history and achievements. Joining forces with CMAC Group means that we can accelerate our growth whilst offering more specialised services.
“We have much in common with CMAC, particularly our passion for our customers and continued innovation – we are very excited about our new future together.”
The acquisition follows a period of continued growth for CMAC, with the business reporting a 45% increase in revenue and seven per cent headcount growth in 2021, in a year which saw the firm transport more than two million travellers for the first time.
The deal was advised by Seneca Corporate Finance (corporate finance) and ILV Silver (legal, tax and due diligence). Funding for the transaction was provided by Barclays.
Gordon Lane, managing director of Seneca Corporate Finance, said: “CMAC Group have led the way in the UK in the transport and accommodation market with their investment in tech-enabled, and people-based customer focused solutions. The acquisition of Suntransfers helps cement their growing international presence and capability.”
Greg Doran, Northern head of TMT at Barclays, said “CMAC has a truly unique service proposition in the provision of managed transport and accommodation solutions with a strong and growing platform in Europe and beyond. This acquisition will further strengthen CMAC’s European presence and provide a platform for the company to enter more markets and continue the impressive growth they have delivered in recent years.
“The strength of the senior management team coupled with their proprietary technology platform are clear strengths in their industry and I look forward to a long and successful partnership, helping to bring their future growth plans to fruition.”