3i’s investment in International Cruise & Excursions


Kirkland & Ellis and OC&C Strategy Consultants acted as advisers to 3i.

3i Group plc will invest in International Cruise & Excursions, Inc. (“ICE”), a unique global travel and loyalty company that connects leading brands, travel suppliers and end consumers. 3i is investing alongside the founders, John and Marcia Rowley, and other senior executives, who will retain a significant minority stake.

ICE was founded in 1997, has over 2,000 employees and is based in Scottsdale, Arizona with additional offices in Australia, Europe, India, Mexico, New Zealand and the UK. ICE is a B2B technology business that partners with leading brands including financial services and travel companies to offer their customers access to travel and leisure products at preferred rates. The Company has developed proprietary technology that enables it to offer a wide range of loyalty, rewards and open-itinerary travel products across a variety of inventory types, including cruise, resort and hotel offerings.

The business has grown strongly with c.15% revenue CAGR from 2012 to 2017 supported by underlying growth in travel and increasing usage of loyalty programmes as a way to retain clients. There is significant potential in growth of both its domestic and international business, with international sales currently representing only 15% of revenues.

The Kirkland team was led by corporate partners Christopher Torrente (Picture) and Michael Sartor and associates Payson Lyman and Arianna Caldwell; and finance partner Ashley Gregory and associates Matthew Young and Leah Charlesworth.

Involved fees earner: Christopher Torrente – Kirkland & Ellis; Michael Sartor – Kirkland & Ellis; Payson Lyman – Kirkland & Ellis; Arianna Caldwell – Kirkland & Ellis; Ashley Gregory – Kirkland & Ellis; Matthew Young – Kirkland & Ellis; Leah Charlesworth – Kirkland & Ellis;

Law Firms: Kirkland & Ellis;

Clients: 3i Group plc;

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Author: Ambrogio Visconti