Leeds-based private equity firm Key Capital Partners has invested in theICEway, a specialised cruise technology company. This strategic investment will enable theICEway to enhance its technological offerings and drive expansion across key markets in the global cruise and travel sectors.
Key has invested in excess of £7m for a significant minority stake.
With a strong reputation for delivering cutting-edge IT solutions tailored to the cruise industry, theICEway has become a trusted partner to cruise operators and travel companies worldwide. Their innovative technology services include cloud solutions, managed services, system integration, and digital transformation, helping clients navigate the unique challenges of the maritime industry.
The growth investment from Key will further support theICEway’s mission to stay at the forefront of technological advancements. With an increased focus on innovation, the company plans to develop new services, strengthen its infrastructure, and enhance its presence in key markets. This partnership will also allow theICEway to invest in talent and expand its team to meet growing customer demand.
“We are thrilled to partner with Key Capital Partners, whose expertise in supporting growth businesses aligns perfectly with our vision for the future,” said Ian Richardson, CEO and Co-Founder of theICEway.
“This investment is a major step forward in our journey to becoming the leading global technology provider for the cruise and travel industries. With Key’s backing, we are confident in our ability to continue delivering exceptional value to our clients and expanding our capabilities.”
Matt Tice, Director at Key, said: “We are excited to work alongside theICEway and help drive their ambitious growth strategy. Their deep industry expertise and strong client relationships make them a standout company in the specialised cruise technology sector. Together, we look forward to unlocking new opportunities for innovation and expansion.”
Sam Davies, Partner in the Cowgills team that advised the shareholders on the deal, said: “The investment backed by Key is the culmination of many years of partnership between Cowgills and Iceway. This is a great result for the shareholders and the new partnership with Key I am sure will be very profitable for both parties.
“This was a team effort from Cowgills with support from our Tax, Strategic Support and Lead Advisory teams, notably Brett Marsden who has worked very closely with management.”
The deal was led by Matt Tice, James Hall and Hannah Kirkup, investors at Key. Legal advice was provided to the Key team by John Hamer and Kayleigh Watson at Walker Morris and tax structing work by Fletcher Adamowicz of BHP. Due diligence was conducted by Laura Bollen of RSM (Financial), Jack Hibbs of Armstrong (Commercial), Ben Morton of Intechnica (IT) and Dan O’Connell of Gallagher (Insurance).
Advisers to the company and shareholders included Cowgills Corporate Finance (Sam Davies, Brett Marsden, Ed Higham), Cowgills Tax (Georges Daubney, Jason Gauthier, Claudia Harrison), and Bermans (Jon Davage, Robin Hastings, Nathan Hughes).
