Phoenix backs Expotel/NIS Europe buyout to create clear market leader

21st July 2008

Phoenix Equity Partners, the leading UK mid-market private equity investor, is pleased to announce today that it has funded the management buyout of Expotel and the simultaneous acquisition of NIS Europe for an aggregate consideration of £38million. Phoenix is backing the CEO of Expotel, Ian Burnley, to lead the buyout, and has recruited Richard Lovell, formerly President EMEA and Latin America, Carlson Wagonlit Travel, as Chairman.

Expotel is the largest hotel booking agency in the UK, providing hotel booking, travel management and conference and event management services to a wide range of corporate and public sector customers.

NIS Europe is the UK's fifth largest hotel booking agency with a significant travel service capability.

The combination of Expotel and NIS will create the clear market leader in the sector and creates an exciting opportunity for growth, driven by new customer wins in both the public and private sectors, and by the provision of a broader range of travel management services.

Commenting on today's announcement, Ian Burnley, CEO of Expotel, said: "The combination of Expotel and NIS creates exciting opportunities for us. We have a number of highly skilled, customer focused teams dedicated to supporting the hotel and business travel needs of our customers. The acquisition of NIS Europe brings immediate technology advantages to the Expotel group and opens up a number of possibilities to enhance our service offerings."

Andy Moss and Richard Lovell are appointed as Finance Director and Chairman respectively with Maurice Segal, Kirti Shah and Stephen Kaye retiring from Expotel. "I am delighted to have Andy and Richard on board. We have a clear vision for the business and look forward to sharing this with our customers and suppliers over the coming months," Ian added.

Commenting on the technology strategy, Andy Moss said: "The opportunities to introduce new technology and processes to the combined business are significant and will rapidly enhance our service offerings to the market."

Richard Lovell, incoming chairman, commented: The Expotel brand is a very strong franchise in the market and the acquisition of NIS will further strengthen Expotel's market position. I have been impressed with the team's plans and look forward to working with them."

The investment in Expotel and NIS is the 11th acquisition by Phoenix's £375million fund. Tim Dunn of Phoenix, said: "Expotel and NIS are high quality businesses, which provide a fantastic service to their customers. Bringing Expotel and NIS together will enable Ian and his team to accelerate the growth of the business. We will certainly be looking for further acquisitions as opportunities arise."

- ends -

For further information please contact:
Sharon Smith Expotel Press Office 020 7604 2765 ssmith@expotel.com M: 07771 833 856