Irish corporate travel firm taken private by US-based management team

Ireland, 27 July 2007. M&A International Inc. member firm, IBI Corporate Finance, acted as the exclusive financial advisor to the Independent Directors of Ireland-based corporate travel firm, CNG Travel Group plc (‘CNG’ or the ‘Company’), in relation to the Stg£15.87m public offer by Corporate Travel Holdings Inc. (‘CTH’), a US-based bidding vehicle controlled by various directors and senior management of CNG.

CNG was admitted to trading on the Alternative Investment Market in the UK in May 2004. The Company comprised Tzell and the Travel Lodging Connector business (‘TLC’). Tzell is a top ten business travel company in the United States and focuses on the mid-sized corporate travel sector. TLC was a proprietary desk-top software platform for the distribution of hotel room stock. Post-flotation, the on-line business offering was further expanded by the development of PlacesToStay (‘B2C’), a business to consumer internet travel brand.

Following a period of sustained losses, the decision was taken to refocus the Company. CNG restructured the business in 2005/2006, closing TLC and selling B2C.

IBI's involvement with CNG began when the Company was first put into play in 2005 following the receipt of an unsolicited approach. IBI has managed the Company through a number of approaches since that time, including a number during the offer process.

The CTH offer represented a premium of 81% to the closing share price prior to the commencement of the offer period.

Commenting on the transaction, Tom Godfrey, a Director at IBI, said: “The CTH offer provided an opportunity for shareholders to realize their investment at a significant premium to the prevailing share price. The transaction required delicate management by IBI as a number of potential competing offers emerged but ultimately failed to deliver an improved offer.”

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