£150m ‘agency to the stars’ snapped up by private equity firm
An agency, which has booked trips for the likes of Jay-Z, Rihanna and Lady Gaga, is set to change hands between private equity investors.
TAG’s current owners Apiary Capital said it was in line to make a four-fold return on its investment when the deal with ECI Partners completes. Specifics of the deal were not disclosed on Wednesday (10 April).
Business media reports last year suggested ECI Partners were among TAG’s potential suitors, with the agency – formerly known as The Appointment Group – thought to be worth £150m.
With the backing of mid-market private equity investor ECI, the agency – which employs more than 450 people worldwide – said it was poised for further expansion under its new ownership.
Apiary Capital’s deal for TAG was announced in October 2018 and was the private equity firm’s first investment after raising £200 million in the UK.
The deal saw former Gold Medal chief executive and dnata Travel Group senior vice-president of new ventures, Steve Barrass, join TAG as its chief executive. Barrass left TAG in April 2022.
TAG chief executive Jens Penny said: “With our entertainment and corporate clientele, and the incredible TAG team, we are very confident this partnership will deliver a host of new benefits and opportunities.
"We’re poised to elevate our standards even further, ensuring unparalleled service for our clients as we continue to shape the future of entertainment and high-end corporate travel management."
Penny added: We would like to thank the team at Apiary for their support and commitment over the past six years. We look forward to the journey ahead and growth with ECI as our new partner.”
TAG was founded by John Gianquitto and Maurice Veronique in 1988 and now has a global footprint with offices in Los Angeles, Miami, New York, London, Manchester, Melbourne, Hong Kong and Singapore.
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