Move hopes to encourage growth across new markets, tech investments and acquisitions
Montana World Investments Consortium acquires Attraction World Group in strategic move
Attraction World Group (AWG) has announced it has been acquired by newly founded international investment consortium, Montana World Investments.
The funding for this move is backed by asset manager Highmore Group and its Trade and Specialty Finance business (NYC), along with additional investors from the Netherlands and the United States.
AWG's executive team will join Montana World Investments as shareholders, “solidifying” its “commitment” to the company's future.
This investment opportunity will see stakeholders support the UK company as it embarks on an “ambitious” journey of globalisation and expansion into loyalty programmes, OTAs, airlines, rail, and transportation, as well as globalising consumer direct channels FloridaTix, AttractionTix and GoSeeDo.
The injection of of capital will be distributed strategically to fuel growth across new markets, make investments in cutting-edge technologies and for acquisitions that align with AWG's vision.
The deal also facilitates an exit for previous AWG shareholder, Ten Oceans.
Cattaneo Corporate Finance acted as corporate finance adviser to AWG on the transaction while legal advice was provided to Highmore by the London office of Arnold & Porter.
Olly Nicholls, group CEO of AWG, said: "This new chapter for AWG is incredibly exciting for all involved, but most especially for AWG employees.
“Over the past two years, we've identified new opportunities within the travel industry and crafted a compelling proposition for our existing and new partners on a global scale.
“Our strategy has evolved from being UK-focused to truly global. With the backing of our new funder, we are actively working on bringing strategically aligned businesses into the group to enhance our strategic goals.
“I extend a heartfelt thank you to the entire AWG team for their recent hard work.
“Our culture and values have been the bedrock of our success thus far and will continue to guide us as we forge ahead."
Scott Peters of Cattaneo Corporate Finance, said: "This is an exciting deal to have worked on. The combination of the vision of the AWG team and the innovative funding structure from Highmore and Montanta World Investments will allow AWG to capitalise on a number of exciting market opportunities and we are delighted to have successfully concluded this transaction for them."
Dipak Jogia, managing partner and co-founder of Highmore, said: “We are pleased to have supported Montana World Investments and Attraction World Group with this innovative funding package.
“We are highly constructive on the wider leisure sector and see this as the first step towards building AWG into a diversified group across the ever-evolving travel landscape with the proven management team and ownership group.”