A majority stake in corporate travel service The Appointment Group (TAG), which organises international travel for music stars including Jay-Z and Rihanna, has been purchased by UK private equity firm Apiary Capital.
It has invested £18m for a majority stake in TAG, according to a source close to the deal. This is Apiary first deal since raising £200m for UK investments.
Founded in 1988, TAG works with the live music and entertainment industry to organise the tours for musicians. It has arranged global travel itineraries for performers including Lady Gaga, Foo Fighters, and Depeche Mode, plus their support teams and production crews. It is headquartered in the UK and has 270 employees.
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Apiary says it will help drive growth for TAG through acquisitions, international expansion, and investment in new technology.
Nicki Boyd, partner at Apiary Capital, says the investment is a testament to the impressive business built by co-founders John Gianquitto and Maurice Veronique.
“As a UK company operating in a fragmented market and with an excellent platform for growth, TAG fits perfectly within out investment sphere,” Boyd added.
Gianquitto said the buyout was an “incredible milestone” for TAG.
“Apiarys 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.”
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