UK-based mid-market buy-out house Electra Partners Europe has backed a £144m management buy-out of the Travelsphere Group, a holiday company, from private equity firm HgCapital. The deal is Electra's first acquisition this year.

The Travelsphere Group, comprising Travelsphere, Page & Moy and Just You, focuses on escorted holidays for the over 45 age group. A spokeswoman for Electra said the principal rationale behind the investment was Travelsphere's "very attractive target demographic, alongside its extensive existing customer database."