ECI invests in travel management company, TAG


We’re pleased to announce our investment in TAG, the market leading high-touch travel management company to the entertainment and corporate markets. The deal provides an exit for Apiary Capital who have supported TAG since 2018.

TAG was founded in 1988 and now employs c.450 people across the globe. As an award-winning travel and event management company, TAG has redefined the standards for travel in the entertainment industry with specialists providing bespoke, high-end service to some of the biggest names in music, film and TV production as well as top C-suite and corporate executives.


Today is a fantastic milestone in our evolution, as we proudly announce the investment by ECI. With our entertainment and corporate clientele and the incredible TAG team, we are very confident that this partnership will deliver a host of new benefits and opportunities as we’re poised to elevate our standards even further, ensuring unparalleled service for our clients as we continue to shape the future of entertainment and high-end corporate travel management.”

Jens Penny


“We are excited to be partnering with TAG and leveraging ECI’s experience of investing in the travel industry to propel this global leader to new heights in the global entertainment and corporate travel markets. We are looking forward to working with the management team to continue innovating TAG’s service model, investing in technology and supporting the next stage of growth in its global footprint.”

George Moss

Partner at ECI

ECI announce close of latest fund


Categories: News


Apiary Capital exits TAG to ECI Partners

Apiary Capital

Apiary Capital exits award-winning travel firm TAG to ECI Partners, delivering a 4x return

TAG is the leading travel management provider to the international live music and entertainment touring industry. Founded in 1988, TAG arranges complex travel itineraries for performing artists and supporting crews, and for major film and television productions, as well as servicing the high-touch segment of the corporate travel market.

Apiary Capital invested in TAG in April 2018 and has supported the management team in making eight successful acquisitions and expanding the business’s geographic footprint to 12 offices employing over 450 people across the UK and Aisa-Pacific.

Jens Penny, TAG CEO, commented: “Today is a fantastic milestone in our evolution, as we thank Mark, Jess, Nicki and all the team at Apiary for the unwavering help and support they have given us over the last six years and proudly announce the investment by ECI. With our entertainment and corporate clientele and the incredible TAG team, we are very confident that this partnership will deliver a host of new benefits and opportunities. We look forward to an exciting journey ahead with ECI as our partner.”

Mark Salter, Managing Partner at Apiary Capital, commented: “We are incredibly proud to have been part of the amazing journey that TAG has been on since our investment in 2018. Jens and his team have done a fantastic job expanding TAG into new geographies and markets, more than doubling the size of the business on the way. We are delighted to pass the baton on to ECI who are the right partner to take the business forward and support it through its next phase of growth.”

La Caisse invests CA$200 million in Québec technology company Plusgrade

TA associates

MONTRÉAL, Nov. 28, 2018 /PRNewswire/ – Caisse de dépôt et placement du Québec announced that it is taking an equity interest totalling $200 million in Plusgrade, a leading provider of revenue solutions to the global travel industry. The transaction values Plusgrade at over CA$600 million.

With this backing, the company will continue to execute its expansion plan, which includes penetrating new international markets and expanding its suite of products. Since its founding in Montréal in 2009, Plusgrade has become one of the fastest growing technology companies, and was ranked in Deloitte’s Canadian Technology Fast 50 list in 2016 and 2017. Recently, it also received the Deloitte Technology Fast 50 Leadership award, which recognizes the innovation and leadership of companies at the forefront of the Canadian technology sector.

Led by a solid management team, Plusgrade is rapidly expanding its team across its Montréal headquarters and its New York and Singapore offices.

Over 70 travel companies worldwide, including Air Canada, Lufthansa and Singapore Airlines, trust Plusgrade to deliver key revenue streams via software solutions for optimizing their seat inventory. Its signature product provides travellers with an opportunity to bid on upgrades to a superior class of service.

“Plusgrade has a unique and innovative business model that is revolutionizing practices in its industry. Meeting an airline industry need, their products have been quickly marketed around the world in the last few years,” stated Mathieu Gauvin, Senior Vice-President, Québec, at la Caisse. “This investment is aligned with our strategy of supporting the growth of Québec companies that prioritize innovation to drive their international development.”

In the context of this transaction, la Caisse acquired a portion of the shares held by TA Associates, a leading global growth private equity firm that will continue to be a major shareholder, alongside the management team and other investors.

“We are very excited to welcome la Caisse as our new institutional investment partner as we accelerate our growth into new markets and verticals,” said Ken Harris, Founder and CEO, Plusgrade. “The confidence that la Caisse and TA Associates have shown in Plusgrade is a testament to the value that our talented team is delivering across our global footprint of travel suppliers. We look forward to la Caisse joining our Board and providing valuable guidance as we pursue our strategic growth initiatives.”

Morgan Stanley Canada Limited served as financial advisor and Davies Ward Phillips & Vineberg LLP served as legal counsel to Plusgrade. Osler, Hoskin & Harcourt LLP served as legal counsel to la Caisse.

Plusgrade is an award-winning technology company at the forefront of ancillary revenue and merchandising in the global travel industry. As the market-leading provider in its category of upsell solutions, Plusgrade is generating billions of dollars of new revenue opportunity and powering leading travel suppliers in more than 50 countries. Plusgrade is headquartered in Montréal with offices in New York and Singapore. For more information, please visit

Caisse de dépôt et placement du Québec (la Caisse) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at June 30, 2018, it held CA$308.3 billion in net assets. As one of Canada’s leading institutional fund managers, la Caisse invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.

Now in its 50th year, TA Associates is one of the largest and most experienced global growth private equity firms. Focused on five target industries – technology, healthcare, financial services, consumer and business services – TA invests in profitable, growing companies with opportunities for sustained growth, and has invested in nearly 500 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in growth companies. TA has raised $24 billion in capital since its founding in 1968 and is committing to new investments at the pace of $1.5 to $2 billion per year. The firm’s more than 85 investment professionals are based in BostonMenlo ParkLondonMumbai and Hong Kong. More information about TA Associates can be found at

SOURCE Caisse de dépôt et placement du Québec

Related Links

Categories: News