Hampshire: Altitude Partners invests in Chameleon
Altitude Partners LLP (Altitude), investment fund based in Hampshire, has provided £500,000 of development capital to Chameleon (Chameleon Worldwide Travel), one of the UK’s fastest-growing travel businesses.
Based near Alresford, Hampshire, Chameleon is run by serial travel entrepreneur Mark Wright and employs 27 people. Chameleon is an adventure tour operator and owns five individual brands: Adventure Worldwide, Families Worldwide, Schools Worldwide, Walks Worldwide and Chameleon Tailor-Made. The company is mainly direct-sell, offering its holidays through five dedicated websites, brochures and by phone.
Chameleon has grown significantly over the past few years and the number of travellers wanting more interesting, active and educational holidays is one of the key growth drivers within the holiday industry.
The funding from Altitude will be used to provide support for growth through additional staffing, expanded office space, further development of IT systems and providing a strong capital base as the business follows its growth plans over the coming years.
Mark Wright, managing director of Chameleon, commented: “Our client base and product offerings have expanded rapidly over recent years. Backing from Altitude allows us to grow our systems and marketing further as we continue to deliver exciting and rewarding holiday experiences to specialist niches. There is an increasingly-high level of demand for ‘soft adventure’ holidays.”
Simon White of Altitude commented: “Chameleon is the type of business we like to work with – established and experienced with a strong management team, a product that is right for the market and a keen ambition to expand. Mark and his team understand their market exceptionally well and have the necessary experience and drive to grow their market share.”
Stewart Lambert of James Cowper Kreston originated the transaction and advised Chameleon, while Pitmans (Sean Kelly and Sarah Lake) provided legal advice.
Altitude Partners was advised by Clarke Willmott (Robert Ridd). HWCF (Richard Hall and David Wrench) provided financial due diligence.
Altitude Partners invest up to £3 million in companies requiring development capital for organic growth, growth through acquisition or to support existing management teams and undertake management buyouts.
