UK-based Travel Entertainment Group Equity Limited, a provider of entertainment solutions to the airline and cruise ship industries, has been sold to Global Eagle Entertainment Inc in the US. Harris Williams & Co acted as the exclusive financial advisor to TEG, a portfolio company of GCP Capital Partners.
Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of UK-based Travel Entertainment Group Equity Limited (TEG), a leading provider of entertainment solutions to the airline and cruise ship industries, to Global Eagle Entertainment Inc. in the U.S. (Global Eagle, NASDAQ: ENT). Harris Williams & Co. acted as the exclusive financial advisor to TEG, a portfolio company of GCP Capital Partners LLP (GCP Capital Partners). The transaction closed on October 21, 2013 and was led by Red Norrie and Francois Morin from Harris Williams & Co.’s London office. This transaction further demonstrates the interest Harris Williams & Co. is seeing in cross-border acquisitions and highlights the firm’s expertise in the technology, digital content and aerospace industries.
“TEG has established itself as a global leader in the in-flight entertainment industry through its focus on quality, innovation and customer service. Global Eagle’s acquisition of TEG represents a continued interest in digital content delivery and growth in the global airline industry,” said Red Norrie, managing director at Harris Williams & Co. “Harris Williams & Co. is proud to have partnered with TEG and GCP Capital Partners in evaluating alternatives to continue to grow the business, resulting in this superior outcome.”
TEG, through its main subsidiary IFE Services Limited, is a leading provider of in-flight entertainment solutions to the airline industry and works with a worldwide client-base of more than 50 airlines and cruise ship operators. Services include movies, TV programs, audio, games, 3D maps, applications, safety and destination films, portable entertainment systems, onboard publications and AVOD technical support and management. The company is headquartered in the United Kingdom with regional offices in Madrid, Singapore, Santiago, Sao Paulo, Nairobi, Kuala Lumpur, Oberhausen, Johannesburg and California.
GCP Capital Partners is a leading United Kingdom mid-market private equity business. It was established in 2007 as Greenhill Capital Partners Europe, the European private equity arm of Greenhill & Co Inc.
Based in Los Angeles, CA, Global Eagle Entertainment Inc. is the only full-service platform offering both content and connectivity for the worldwide airline industry. Through its combined content, distribution and technology platforms, Global Eagle provides airlines, and the millions of travelers they serve, with the industry’s most complete offering of in-flight video content, e-commerce and information services.
Harris Williams & Co., a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.
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