Local private equity firm BGH Capital is continuing its push into the travel space, partnering with TripADeal to fuel the online travel agency’s online growth.
BGH founding partner Ben Gray said TripADeal’s online business model allows significant growth opportunities while avoiding the cost structures of more traditional bricks-and-mortar operations.
“We have always been attracted to TripADeal’s position as an online travel agent,” he said.
“The disruption posed by COVID-19 will ensure they continue to benefit from strong industry tailwinds and the bricks-and-mortar shift to online.
“The company has a very scalable business model that is supported by a well-developed technology platform. It has grown extremely fast over the last five years, winning multiple industry awards.”
TripADeal co-founders and CEOs Norm Black and Richard Johnston said they have identified several growth opportunities they believe will assist the Byron Bay-based company in emerging from the COVID-19 pandemic stronger and more responsive to the changing travel needs of its customers and business partners.
“Over the past two years, several firms have knocked on our door eager to invest in TripADeal,” Black and Johnston said in a joint statement.
“BGH approached us late last year, well before COVID, and we knew they were the ideal fit. Working with them through COVID has only reinforced the common culture and respect we have always looked for but never found in the past.
“BGH has significant experience in tourism and their partners share our vision for growth as the travel industry takes off post-COVID-19. We believe BGH will help take TripADeal to the next level.”
The private equity firm has been busy trying to expand its travel investment portfolio during the COVID-19 pandemic.