Return to Press Releases
Electra Partners Europe Completes Management Buy In of OAG Worldwide From Reed Elsevier PLC 1  August  2001

Electra Partners Europe, the pan-European private equity specialist, has today completed the management buy-in of OAG Worldwide from Reed Elsevier Plc for an undisclosed sum. Best known for its flight guides, OAG Worldwide is the owner of the world’s most comprehensive airline schedules database. Through relationships with over 850 airlines and key industry bodies, OAG is the definitive supplier of schedule information to the travel industry, both as distributor and publisher.

The buy-in team is headed up by Les Higgins as Chief Executive and Eddie Bell as Chairman. Les Higgins was formerly Chief Operating Officer at HarperCollins Publishers UK, working with Eddie Bell who was Executive Chairman. Prior to this Les worked for Granada Plc as Group Managing Director of Spring Grove Services Group and as Managing Director of The Air Travel Group. In addition to HarperCollins, Eddie Bell has also worked at Harper Paperbacks New York as Senior Vice-President and Publisher, William Collins & Sons as Managing Director and at Hodder & Stoughton as Deputy Managing Director.

OAG is a worldwide business employing over 650 staff; mainly in the UK and US. For the year ending 31 December 2000, turnover for OAG was $106 million.

Charles St.John, Electra Partners Europe, said:
“OAG is a strong brand with a unique market position, but needs to respond to the changing face of the market. It will benefit from a management team with proven expertise in developing new competitive products, as well as revitalising long-standing ones. Eddie Bell and Les Higgins, have proven change management expertise, as well as specific experience of publishing and the travel industry, which will prove invaluable as they take the business forward.”

Eddie Bell said:
“As the only complete source of all scheduled flight information, OAG Worldwide occupies a market-leading position at the heart of the travel and airline industry. OAG has developed a range of electronic products, as well as a very powerful data business, but now needs a new energy and focus. Les and I intend to give it that. Getting close to customers and re-energising the publishing side of the business, in all its forms, will be a key part of this process. We are committed to realising OAG’s potential by making business travel information a strategic priority, continuing to provide products, services and data of real value to meet the needs of all our customers.”
  
 
  Notes to Editors   
  
1. Electra Partners Europe
Electra Partners Europe is an independent private equity investment firm with one of the longest track records in the industry; having completed 92 buy-outs over the last 15 years to 30 September 2000. Over the past five years to September 2000 the firm has invested over €1.1 billion on behalf of clients in European buy-outs. The firm specialises in the Mid-Cap market specifically in management buy-outs and buy-ins of companies with enterprise values up to €400 million. The business operates from London, Paris and Frankfurt and through affiliates in Madrid and Milan. This press release refers to Electra Partners Europe acting on behalf of its clients.

1. OAG Worldwide
OAG, with brands such as the Official Airline Guide, Pocket Flight Guide and Travel Information System, publishes airline schedule information throughout the world. OAG remains the only complete source of all flight schedule information. This information exists in both hard copy and electronic form and is used by corporates, the travel industry, and business travellers as the only comprehensive source of flight schedule data. Under Reed Elsevier, the company also invested significantly in the distribution of such data via web and mobile products and is well placed as new delivery mechanisms gain acceptance.

OAG is a worldwide business with operations in the UK, USA, Germany, Singapore, Japan and Hong Kong.

3. Management Biographies
From 1979–2000, Les Higgins (48) worked for HarperCollins Publishers UK latterly as Chief Operating Officer (1999-2000) and before that as Group Managing Director (1997-1999). Prior to this he worked for Granada Group Plc (1993-1996), as Group Managing Director of Spring Grove Services Group (1994-1996) and as Managing Director of The Air Travel Group (1993-1994). He has also worked at Grand Metropolitan. This included working as Managing Director, Grand Metropolitan Cardholders (1979 – 1992), as well as various positions at Express Foods (1979 – 1987).

From 1985–2000, Eddie Bell (51) worked at News Corporation latterly as Executive Chairman and Publisher of HarperCollins Publishers UK and formerly as Senior Vice-President and Publisher of Harper Paperbacks. Before that he was Managing Director at William Collins & Sons (1985-1998) and Deputy Managing Director of Hodder & Stoughton.