Stamping the passport for growth as WBD advises on Piper investment into Inside Travel Group

A cultural adventures company focusing on unique experiences on the Asian continent has been earmarked for growth following a £20m investment and management buyout advised on by international law firm Womble Bond Dickinson (WBD).

Leading private equity firm Piper has backed the buyout of Inside Travel Group (ITG), an organisation which through its Inside Asia and Inside Japan brands arranges trips for travellers to Japan, South Korea, Vietnam, Loas, Cambodia, Thailand, and other nations across Asia.

Cool Japan Fund, Japan’s sovereign wealth fund which invests in businesses promoting Japanese culture around the world, is also co-investing alongside Piper.

The investment will back founders Simon King and Alastair Donnelly alongside their senior leadership team, and the business will continue to be chaired by Ian Simkins.

Ian was previously CEO of Audley and grew the brand from £70m to £350m in seven years and is also currently the chair of another of Piper’s investments, The Thinking Traveller.

The investment will help the business maintain its leading position as the Asian specialist and enable the business to further drive brand awareness across the UK, US, and Australia.

A WBD team led by partner James Cook from the firm's corporate team advised on the deal, with further support from managing associate Joanna Norris and solicitor Scarlett Hanks on corporate matters. HSBC provided debt funding as part of the transaction and partner Tom Caplen led on those aspects with support from managing associate Natalie Caple and solicitor Aaron Danelian.

The deal marks the latest investment from Piper on which the firm has supported, having also advised Piper on their investment in leading travel provider Martin Randall earlier in the year.

James said: 

"ITG are another strong addition to Piper's portfolio of industry-leading travel providers and operators, and one which is perfectly posed to tap into the growing interest of travel in Asia thanks in part to the co-investment from Cool Japan Fund.

"It was great to bring a full collaborative team across our corporate, banking and other practices to this deal and to support Piper , and we're excited to see the company continue to grow in this space."

Headquartered in Bristol, ITG also has offices in Japan, the US and Australia, with a total team of more than 200 people. Founded in 1988 as Inside Japan as a specialist inbound Japan travel brand, ITG leads the market in Asian cultural experiences, differentiating themselves with off-the-beaten track adventures.

Dan Stern, partner at Piper, said: 

"We are excited to be backing the Inside Travel Group team for the next stage of growth. We have got to know the team over the years and have been incredibly impressed with how they have scaled the team across three continents and built a strong culture even with the backdrop of Covid.

"We'd like to thank the wider WBD team for their continued support on our plans to back teams like ITG, as their consistent and valued legal insight alongside their intrinsic knowledge of the travel market (this being the fourth deal in the space on which we have worked together) was useful to making sure this deal was efficient and covered all angles."