The Birmingham office of Maven Capital Partners has led the £6.9 million management buyout of theme park and attraction ticket specialist Attraction World.
The new funding package will be used to further develop the Birmingham-based business, including support for the roll out of the company’s products and services into Germany.
Maven said the business boasts a strong management team, with many years’ experience in the travel sector.
While the industry experienced a period of decline during 2008 and 2009, during that time Attraction World saw revenues increase significantly.
Attraction World managing director Paul Stobbs said: “Our business has grown rapidly over the last four years and we are now well placed, as the UK’s leading theme park and attraction ticket provider, to see considerable further growth in the years ahead.
“The investment from Maven will allow us to accelerate our growth strategy and management are delighted to be backed by an equity provider which quickly saw the opportunity to establish Attraction World in new markets.
“We look forward to building upon our market leading position and are excited about the opportunities that new technologies are providing.”
The Maven investment was led by Birmingham-based Partner Andrew Ferguson, who added:
“Maven continues to look for solid businesses in which to invest and Attraction World represents an attractive opportunity to support a company that has demonstrated year-on-year growth with excellent cash generation.
“The highly capable and motivated management team has established a business that not only has a technological advantage over its competitors, but also a strong client base including some of the biggest names in the UK travel industry.
“This is an exciting time for Attraction World, particularly with its expansion into the German market following a recent customer win, and Maven looks forward to supporting the continued growth and success of the business during this period.”
Attraction World was founded in 1996, and was an early innovator in developing web-based B2B sales channels for the travel industry.
Since 2004 the company has placed a greater emphasis on developing its online offering and systemised transaction process, which has contributed to an increase in its web-based revenues from just five per cent of overall sales to 85 per cent in 2010, with almost 75 per cent of revenues coming from major travel agent chains.