Dillon Eustace was delighted to have acted as legal advisor for the shareholders in Travel Department, on the €12 million controlling stake investment made by MML Capital Partners Ireland an Enterprise Ireland-backed fund. Travel Department is a leading travel operator for guided group holidays, set up by Bob Haugh in 1996. Dillon Eustace has advised Travel Department since its inception in 1996.
The investment by MML Capital partners is expected to be completed before the end of March. Dillon Eustace has been responsible for advising the sellers in the deal on the legal and tax issues around the investment.
Travel Department recorded revenue of more than €40 million last year under Managing Director Sara Zimmerman. This deal will help fund their business expansion and their significant ambitions for the future.
The Dillon Eustace team advising the sellers was led by Lorcan Tiernan, Head of the firm’s Corporate and M&A practice who was supported by Sean Murray, Tax and Louise Roche, Corporate and M&A.
Lorcan Tiernan commented on the deal: “We are delighted to have been involved in this exciting growth opportunity for the team at Travel Department, particularly having been with them on every step of their journey for the last 20 years. The investment made by MML demonstrates the progress their business has made as an industry leader for guided tours and the solid business fundamentals established for further market growth”.