Funding for Montana World Investments’ buyout has been backed by the New York-based Highmore Group, which manages a £2.5 billion investment portfolio, with additional investment coming from other stakeholders in the US and the Netherlands.
AWG’s executive team, including chief executive Olly Nicholls and chief operating officer Justin Mahoney, will remain with the business, joining Montana World as shareholders.
They said the deal would strengthen their commitment to the company’s future as it embarks on an "ambitious" expansion drive across several sectors including loyalty programmes, online travel agents, airlines, rail and transportation. In addition, AWG said the new funding would allow it to expand into new markets, invest in technology, and pursue its own acquisitions.
The deal sees previous owner, Ten Oceans, which acquired the brand in June 2021, exit the business.
"This new chapter for AWG is incredibly exciting for all involved, but most especially for AWG employees," said Nicholls. "Over the past two years, we’ve identified new opportunities within the travel industry and crafted a compelling proposition for our existing and new partners on a global scale.
"Our strategy has evolved from being UK-focused to truly global. With the backing of our new funder, we are actively working on bringing strategically aligned businesses into the group to enhance our strategic goals.
Mahoney said: "This investment is going to be game-changing for our retail partners. Customers of our retail partners are now travelling because of the things to do and the experiences they live. Attraction World will deliver a breadth and depth of experiences that will be unrivalled so they can meet their customers’ needs and more."
Nicholls added he foresaw "ample opportunities to expand our relationships within the UK travel trade and beyond", stressing he – along with Mahoney – were open to discussing the ramifications of the buyout for agents with a view to setting out what additional support, opportunities and benefits the group can provide.
