Now partnering with US travel management companies

Your TMC,
amplified by AI.
Built to last.

Tavat partners with independent travel management companies to deploy AI-driven technology, expand EBITDA, and give founders a meaningful second bite of the apple.

$720M+
Target GMV by Year 3
4–6
TMC partnerships in Year 1
EBITDA expansion target via AI
51%
You retain equity upside
Proven across industries

Inspired by rollup platforms that transformed their industries

🏦 Acrisure — 900+ acquisitions, $4B revenue · Insurance
💻 Thrive Networks — 26 acquisitions, $400M ARR · MSP
🏘 Long Lake — $100M EBITDA in 24 months · HOA
Navan — $6.2B IPO · Corporate Travel Tech
Why Tavat

The TMC market is ready for a new kind of owner

The US corporate travel industry is $400B+ and almost entirely run by independent operators with no access to modern technology, payments infrastructure, or institutional capital. That's the opportunity.

01

You built something real. We help you scale it.

Most TMC owners have deep client relationships, strong industry knowledge, and a profitable business — but limited access to the AI tools and payments infrastructure that the large players take for granted. Tavat closes that gap without disrupting what's already working.

02

Technology that changes your unit economics, not just your dashboard.

AI-driven booking, expense automation, FX payments, and policy compliance aren't cosmetic. They directly expand EBITDA margins — our platform targets 20–35% improvement in operating efficiency within 12 months of deployment.

03

The second bite of the apple.

You retain a meaningful stake in the combined group. As Tavat scales to 6+ TMCs and re-rates from a services multiple to a tech platform multiple, your retained equity is worth substantially more than a straight trade sale would have delivered.

The platform

Everything a modern TMC needs. Deployed in months.

No rip-and-replace. Tavat's AI layer sits on top of your existing operations and adds capability without disruption.

🤖
AI Booking

AI Agentic Booking

Natural language booking, policy enforcement, and itinerary management. Reduces manual handling by 40–60% and eliminates out-of-policy spend leakage.

💳
Payments

Embedded Payments & FX

Per-booking virtual cards, local currency settlement in 50+ countries, and automated reconciliation. Adds a high-margin payments revenue stream your clients will thank you for.

📊
Expense

Expense Intelligence

Auto-categorisation, receipt capture, policy approval workflows, and CFO-ready reporting. Turns your data into a competitive moat and a sticky upsell.

Back office

Centralised Back Office

Shared finance, HR, compliance, and supplier negotiation infrastructure across all Tavat TMCs — eliminating the overhead that eats independent operators' margins.

🌐
Global

Global Payments

Pay suppliers in 130+ currencies. GCC and cross-border corridors. Stablecoin settlement rails available. Real-time FX lock-in at booking.

Analytics

Intelligence & Analytics

Real-time spend dashboards, supplier benchmarking, 12-month budget forecasting, and ESG reporting — white-labeled to your corporate clients.

The process

Four steps from conversation to compounding returns

01

Initial conversation & valuation

No-obligation conversation about your business, goals, and timeline. We provide an independent valuation and a clear picture of what partnership economics look like for you specifically.

4–6 weeks
02

Deal structure & rollover equity

We acquire a controlling stake (typically 51%) with a clear path to full liquidity. You retain meaningful equity in Tavat Group — structured for the second-bite exit when the platform reaches scale.

6–10 weeks
03

Platform deployment & EBITDA expansion

Our integration team deploys the AI stack within 90 days without disrupting client relationships or existing workflows. You keep running the business — we add the technology layer underneath.

90-day deployment
04

Group scale & exit

As Tavat acquires additional TMCs, the group achieves a platform valuation — higher multiples, stronger supplier leverage, and strategic acquirer interest. Your retained equity compounds with every addition.

24–48 month horizon
Who we partner with

Are you the right fit?

We're looking for well-run businesses with strong client relationships — not turnarounds. Here's what we look for.

US-based TMC

Serving corporate clients, with an established book of business and repeat revenue. Regional focus is a strength, not a weakness.

$500K–$5M EBITDA

Profitable operations with a demonstrated track record. We are not investing in pre-revenue or turnaround businesses.

Founder-owned

Owner-operators who want to stay involved post-acquisition and benefit from the platform upside alongside us.

International travel component

Some volume of cross-border travel gives us the FX payments layer to deploy — and the highest-value client segment to retain.

Open to technology

You don't need to be tech-forward — just open to it. We bring the stack, the implementation team, and the training.

Clean cap table

No complex existing PE structures. We like simple, founder-owned businesses where the deal can close cleanly and quickly.

Most TMC owners have built something genuinely valuable. They just don't have access to the same tools, capital, and platform economics as the large players. That's what Tavat changes.

Get in touch

Ready to explore what a Tavat partnership looks like for your business?

No obligation. No hard sell. Just a conversation about where your business is and where it could go with the right platform behind it.

Start a conversation → Learn more about the process
Travel-Focused Private Equity · North America

You built something real.
We help you scale it.

The Tavat Fund partners with family-owned TMC founders — not as financial buyers, but as operators who have managed GDS contracts, corporate travel programmes, and supplier relationships just like yours.

20–35%
EBITDA expansion
3–5×
Founder equity uplift
$0
Cash required at signing
90 days
Platform live
Our approach

Operators, not just investors

Most PE firms acquiring TMCs have never managed a GDS contract, negotiated a hotel rate programme, or handled a duty-of-care crisis at 2am. They bring capital and spreadsheets.

We bring something different. Tavat's founding team has built and operated travel businesses across the GCC and South Asia — managing supplier relationships, corporate client programmes, and technology migrations from the inside. When we sit across the table from a TMC founder, we speak their language.

This matters because the value in a TMC is not on the balance sheet. It is in the client relationships, the operational discipline, and the trust that has been built over decades. We are here to amplify that — not replace it.

GDS contract management

We have negotiated Amadeus, Sabre, and Travelport agreements. We understand productivity thresholds, segment incentives, and override structures.

Corporate programme delivery

We have managed travel programmes for 500+ employee corporates. We know what a CFO and a travel manager need — because we have delivered it.

Supplier relationship capital

Airlines, hotel chains, and ground transport networks. Existing relationships your business can leverage from day one.

M&A architecture for rollups

Rollup deal structuring expertise from North American investment banking — zero-cash equity exchange, call/put option mechanics, carry structures, and Series A sequencing.

The financial promise

Technology that changes your unit economics — not just your dashboard

Every TMC founder has sat through software demos that add complexity without adding profit. We make one specific, financial promise.

📉
Cost reduction

Labour cost per booking down 40–60%

AI handles the full request-to-ticket workflow. Your team shifts from transaction processing to relationship management and exception handling — where they add real value.

  • Email and WhatsApp requests auto-processed
  • Policy compliance checked automatically
  • Approval and ticketing without desk intervention
📈
Revenue uplift

10–15% revenue growth from platform upsell

The AI platform gives you new products to sell to existing clients — expense management, virtual cards, global payments, analytics — without adding headcount.

  • Expense and card fees are high-margin add-ons
  • Analytics dashboards are a retention tool
  • Platform stickiness reduces client churn
💰
EBITDA outcome

20–35% EBITDA expansion within 18 months

Combined effect of lower labour cost per booking and higher revenue per client. For a TMC with $200M GBV, this is an additional $800K–1.4M of annual operating profit.

  • Fully modelled for your specific cost structure
  • Not a projection — a contractual commitment
  • Auditable against your existing P&L
The equity story

The second bite of the apple

The most powerful outcome in any rollup is not the day you sign — it is what your retained equity is worth when the platform reaches institutional scale.

In a traditional sale, you get one bite. You sell at a 5–7× EBITDA multiple and the upside from what comes next belongs entirely to the buyer.

In the Tavat structure, you keep a significant equity stake in the consolidated platform. When we raise at Series A — valued on GBV, not EBITDA — your stake re-rates alongside the whole group. You participate in the platform upside your business helped create.

Illustrative founder outcome · $200M GBV TMC
Standalone sale today (5–7× EBITDA)$20–28M
49% cash at Series A (call option)$12–16M
HoldCo stake sold at Series A price$18–28M
Remaining HoldCo stake at IPO$30–60M+
Total founder value — Tavat path$60–104M+
3–5× what a standalone sale would deliver. The difference is the second bite.
How the equity works
The two-event liquidity structure
Event 1 · Series A
Cash for 49% + discounted secondary
Your 49% retained stake is bought at full formula price. You also sell a portion of your HoldCo equity to Series A investors at 75–80% of the platform price. Real cash at a valuation many multiples of your ABV.
Event 2 · IPO
Remaining stake at market price
Your remaining HoldCo shares become fully liquid at IPO. Standard 180-day lock-up. A 10% carried interest transfers to Tavat at lock-up release — you keep 90% of the full IPO value.
Backstop · if no Series A
Put option at ABV × growth index
If we do not deliver a qualifying Series A within 36 months, you exercise a put option indexed to your revenue growth. Funded from the business's own EBITDA cash flows.
Proven model

This playbook has made founders very wealthy — in adjacent industries

Tavat is applying a proven rollup playbook — used in insurance, IT services, and property management — to the one industry where it has not yet been done at scale.

Insurance

Acrisure

Started with independent insurance brokerages. Added AI underwriting and data analytics. Went from $650M to $4B+ in revenue in under 6 years. Raised $2.1B from Bain Capital in 2025.

The lesson: Founding partners who rolled their equity became very wealthy — not from the day-one deal, but from the combined platform reaching institutional scale.
$4B+
Revenue
900+
Acquisitions
21
Countries
IT Services

Thrive Networks

Acquired 26 managed IT service providers. Layered in AI-driven security and cloud infrastructure. Backed by Court Square and Berkshire Partners. Targeting $1B in ARR within 5 years.

The lesson: Operational autonomy is preserved. The platform adds infrastructure — founders keep managing their clients and their teams.
$400M
2025 Revenue
26
Acquisitions
1,600
Employees
Property Management

Long Lake

Rolled up HOA management companies across the US. AI automation delivered 25–30% productivity gains. New customer pipeline grew 10× with AI-powered sales. Fastest rollup EBITDA build on record.

The lesson: Technology changes unit economics, not just dashboards. The EBITDA expansion is real — and it funds the second liquidity event.
$100M
EBITDA
18
Acquisitions
24mo
To scale
Ready to have a conversation?
No term sheet on the first call. We start by understanding your business, your succession priorities, and whether the model is a fit. If it is, we move quickly.
Schedule a call →