Abercrombie & Kent parent secures $500m of financing

Abercrombie & Kent Travel Group (ATKG) has secured $500 million of financing from global investment bank Citi.

AKTG said the agreement would allow for it to continue its global expansion.

The funding has been underwritten by Citi and will enable the company to restructure existing legacy financing arrangements, “not only consolidating them but achieving improved lending terms”.

In a statement, the company said the funding was part of its “One A&K” strategy which includes expansing its owned assets globally. The funding will allow for new Destination Management Companies (DMCs) and physical assets such as camps, lodges and riverboats in existing and new markets.

New DMCs are planned in Mexico and Indonesia this year, in addition to Abercrombie & Kent’s existing 56 offices in 34 countries.

The company is also investing in its back-office systems and creating a “world-leading” digital infrastructure, with a new Abercrombie & Kent global website, centralised booking system and agent portal – all supported by a bespoke CRM platform.

Manfredi Lefebvre d'Ovidio, AKTG executive chairman said: “This deal cements another milestone in the over 30-year relationship between my family and Citi. It is a partnership that has helped build businesses and generate growth all around the world. I am excited about this next chapter together and the possibilities it unlocks for Abercrombie & Kent.”

Cristina Levis, AKTG chief executive added: “Our finance team, headed by Andrew Burrett, did a tremendous job in negotiating and securing this transaction in record time. Once again Citi has shown to us their support reconfirming that they believe in our vision and in the enormous growth potential of Abercrombie & Kent, Crystal and Cox and Kings.”