PHD books in to 1st Class
CHESHIRE-based private equity investor PHD has invested £2.5m in a bespoke holidays business.
PHD, the investment firm set up by corporate finance firm Dow Schofield Watts, targets scale-up deals, and has invested in Manchester-based 1st Class Holidays.
Specialising in luxury holidays to Canada, Austalia, New Zealand and America, 1st Class is based in Old Trafford and hasd 36 staff and revenues of £16m.
The investment the first from PHD’s second fund -will boost its growth plans and also allow finance director and shareholder Henri Treffers to exit.
The deal was led by PHD Equity partners Andy Dodd and Craig Richardson and director Tony Meakin.
Paul Ainsworth said:”Over the last 20years we have built a high quality service offering and established a strong market position particularly in Canada, The backing from PHD and its partnership approach will give us an even stronger platform to accelerate our plans and take our business to a new level. It is great to be working with an enthusiastic team who share our conviction that our business can be scaled up.”
Andy Dodd, partner at PHD Equity, added: “We are investing in a well established travel business, operating in the luxury tailor-made end of the market, and backing a remarkable management team who have created their own niche in Canada. We are looking forward to working with Paul and Sharon to meet their growth plans for the business.”
James Dow, managing partner of PHD Equity Partners said: “Our investment in 1st Class meets our aspirations to invest on a partnership basis with good management teams to scale up businesses with discrete competitive advanagtages.”
Jonathan Robinson of DWF provided legal advice and DSW Transaction Services provided financial due diligence, RSM provided taxation advice for PHD Equity Partners. The vendors were advised by Benchmark International, BPR Heaton and Ward Hadaway.
