3i Group is expected to launch a sale of UK-based tour operator Audley Travel in the first quarter of next year, according to two sources familiar with the matter.

The sale process is planned for 1Q25 as January is a significant booking period, and travel businesses, such as Audley Travel, will have a clearer picture of their revenue for 2025, one of the sources said.

Sellside adviser Baird has begun warming up and holding initial discussions with potential buyers, according to a third and a fourth source. There has been a lot of positive feedback from potential buyers, a fifth source said, with one of the sources mentioning that Audley Travel’s luxury travel offering is particularly attractive.

The business will be marketed off GBP 50m EBITDA, a sixth source said, with one of the sources adding that 3i is aiming to get to this number before the launch. The company reported GBP 220.9m in revenue and adjusted EBITDA of GBP 17.3m for the year ended 31 December 2023, as per its filling on Companies House.

PE houses that have been interested in Loveholidays, a UK-based online travel agent that is currently on the market, are expected to take a look, one source said. CVC expressed interest in Loveholidays, initially, while Advent International, Blackstone [NYSE:BX], and Towerbrook advanced to the second round of that sale process, this news service reported earlier this month.

3i Group invested GBP 159m in Audley Travel as part of a transaction that saw Equistone Partners Europe exit its investment, in 2015.

Audley Travel specializes in creating tailor-made holidays and private tours for discerning travellers looking for authentic experiences worldwide, as per its website.

It is based in the UK in Witney, Oxfordshire, and has offices in London and Boston.

3i Group and Audley Travel declined to comment. Baird did not respond to requests for comment.