Silver Oak completes sale of Direct Travel

EVANSTON - Silver Oak Services Partners said it has completed the sale of its equity interest in Direct Travel to Boston-based private equity firm ABRY Partners.

Denver-based Direct Travel is a corporate travel management firm offering outsourced booking and management of employee air travel, transportation and accommodations, focusing on mid- to large-sized corporate accounts. The company assists clients with achieving lower corporate travel spend via travel policy management, efficient booking, and identifying cost savings with suppliers while providing employees with a better travel experience. It employs over 900 travel professionals in 39 offices across 16 states.

Silver Oak made its original investment in Direct Travel in September 2011. During Silver Oak's ownership, Direct Travel completed 12 acquisitions, built a best-in-class management team and a national platform. Silver Oak worked closely with management to realize scale benefits by leveraging corporate infrastructure, moving toward a common IT platform, renegotiating more favorable supplier contracts and cross-selling service offerings across the customer base.

"We are extremely proud of our partnership with Ed Adams and the Direct Travel management team," said Dan Gill, managing partner at Silver Oak. "With a strong management team, emphasis on customer service and focus on driving efficiency in operations, the company is well positioned for continued growth."

William Blair & Company and Kirkland & Ellis LLP acted as financial adviser and legal counsel to the sellers, respectively.