Equity firm acquires two agencies

Expotel and NIS Europe bought for £38m

Expotel: part of £38m buyout
Expotel: part of £38m buyout

A private equity company has funded the buyout of agency Expotel in a deal worth £38m.

The move also includes the acquisition of hotel booking agency NIS Europe.

Phoenix Equity Partners backed the acquisition of Expotel from its chairman, Maurice Segal. Expotel chief executive Ian Burnley led the buyout itself, and former Carson Wagonlit president (EMEA and Latin America) Richard Lovell has been recruited to replace Segal as chairman.

It is unclear if Expotel and NIS Europe will retain separate identities in the long term.

"The acquisition of NIS Europe brings immediate technology advantages to Expotel and opens a number of possibilities to enhance our service offerings," said Burnley.

Lovell added: "The Expotel brand is a strong franchise in the market and the acquisition of NIS will further strengthen Expotel's market position."

Phoenix Equity Partners has indicated that it intended making further acquisitions in future.

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