Inside Travel Group (ITG) has carved out a leading position in the specialist long-haul travel market, offering immersive journeys to Japan and across Asia. With its commitment to ‘getting beneath the surface’, the business has built a standout brand rooted in authentic cultural experiences, expert local insight and exceptional customer satisfaction.
A certified B Corp, ITG also leads with purpose. From sustainable travel pledges to profit-sharing initiatives that give back to local causes, it is committed to growing responsibly, both for its people and the communities it touches.
Founded by Simon King and Alastair Donnelly, ITG’s success stems from its ability to craft highly differentiated travel itineraries that prioritise depth of experience, offering customers the chance to truly engage with the culture, people and places they visit. This approach, supported by deep supplier relationships and local teams on the ground, has earned ITG exceptional customer satisfaction scores with market-leading NPS and glowing reviews across platforms like Trustpilot. With a global source market mix—around 50% UK, one-third US and the remaining from Australia—the business has already achieved impressive international reach for its size.
A certified B Corp, ITG also leads with purpose. From sustainable travel pledges to profit-sharing initiatives that give back to local causes, it is committed to growing responsibly, both for its people and the communities it touches.
ITG’s success stems from its ability to craft highly differentiated travel itineraries that prioritise depth of experience
A pivotal moment for purpose-driven travel
At the height of the pandemic, ITG endured one of the toughest periods in travel history. With Japan closed to tourists for nearly three years, the business made the bold decision to retain its core team of c.100 employees despite almost no trading. This long-term commitment paid off: as travel returned, ITG rebounded strongly, quickly regaining momentum and demonstrating the success of its model.
Having supported the business through the pandemic with an equity investment, majority shareholder Blandford Capital was seeking a full exit. Meanwhile, the founders were looking for a new partner, one that could back their ambition to continue to grow the InsideJapan and InsideAsia brands further, as well as launching new destinations in the region.
Cultural fit was critical. The ideal partner would share their values, bring brand and digital expertise, and provide the scale and support to unlock the next phase of international growth.
Clearwater’s role: Balancing complex priorities with a shared vision
Clearwater was appointed to find the right long-term growth partner for the founders while facilitating Blandford’s full exit. From the outset, this meant aligning diverse stakeholder objectives, providing value for Blandford while also preserving the founders’ vision and the company’s cultural DNA.
We took advantage of our deep travel sector expertise to position the business appropriately, addressing investor concerns about the sustainability of the post-COVID rebound by providing robust KPIs and commercial evidence. Our understanding of the sector and buyer landscape enabled us to focus quickly on the right shortlist; those with the skillset, appetite and alignment to take ITG forward.
The ideal partner would share their values, bring brand and digital expertise, and provide the scale and support to unlock the next phase of international growth.
A complementary partnership for future expansion
Following a carefully managed process, Piper and Cool Japan Fund (CJF) emerged as two partners who would bring those capabilities. Recognising this, we introduced the two parties to each other and suggested they form a partnership. Together, they bring a powerful combination of capabilities tailored to ITG’s ambitions.
Piper, a fellow B Corp, is renowned for scaling founder-led consumer brands with a values-led approach. With deep expertise in brand development, international expansion and digital marketing, alongside relevant travel experience with investments in The Thinking Traveller, Rabbie’s and Martin Randall, they bring insight, networks and strategic support to help ITG reach new markets and travellers.
CJF, a sovereign wealth fund, is backed by the Japanese government and exists to promote the country’s culture and economy globally. Its investment in ITG aligns perfectly with its mission to support tourism and cultural export. With deep-rooted connections and influence in Japan, this meant that CJF opened up significant opportunities for ITG to further develop its offering and reach within the region.
Setting the pace in a crowded sector
This transaction also reflects wider trends in the travel investment landscape. With many PE houses still holding travel assets acquired pre-COVID, competition for new deals is limited, and standing out matters more than ever. ITG’s best-in-class positioning, product quality, and international reach made it a clear standout.
We continue to lead in this space, with a wealth of experience across tour operators, OTAs, vacation rentals, TMCs and more. This deal marked our eighth travel transaction in just 18 months, with a further two travel transactions completed at the time of publishing this article, most recently advising Vitruvian on their acquisition of Great Rail Journeys. This underscores the depth of our expertise in the sector and our track record and commitment to delivering value for travel businesses navigating change, growth and transformation.
Delivering a deal where everyone wins
Regular communication, clear milestones, and a hands-on approach made sure that all parties remained engaged, informed and on-track throughout. It was critical to keep the management team supported and the process moving, especially given the emotional and practical weight of transitioning a founder-led business after years of dedication and resilience.
With this strategy in place, our team was able to produce a highly successful outcome for all involved.
Blandford Capital exited with a strong return, recognising the role they played in supporting the business through Covid. The founders gained a trusted, strategic partnership with Piper and CJF, bringing both the cultural fit and commercial firepower to support ITG’s next stage of growth.
With significant headroom in Japan and huge potential across Asia, the business is now perfectly positioned to build on its leadership position in these destinations and expand its footprint globally. The partnership will support its expansion into new destinations, build brand reach, and reinforce its values-led approach to experience-driven travel.
“Throughout the process, the Clearwater team was positive, diligent and determined to get a great result for all parties involved in our transaction. They handled the multiple stakeholders with skill and care and kept everyone pushing forward to achieve the desired outcome. The team were available to advise when required, were willing to listen to our ideas and gave us the support to really showcase our business.
As a founder, bringing in new investors is inevitably stressful, and I very much appreciated having a listening ear at the end of the phone to offload my anxieties to! As a management team, we couldn’t be happier with the investors Clearwater helped secure for the business and look forward to getting back to focusing on our real jobs – delivering trips of a lifetime to Japan and across Asia. A big thank you and well done from everyone at Inside Travel Group.”
Alastair Donnelly, Director, Insider Travel Group
Setting the pace in a crowded sector
This transaction also reflects wider trends in the travel investment landscape. With many PE houses still holding travel assets acquired pre-COVID, competition for new deals is limited, and standing out matters more than ever. ITG’s best-in-class positioning, product quality, and international reach made it a clear standout.
We continue to lead in this space, with a wealth of experience across tour operators, OTAs, vacation rentals, TMCs and more. This deal marked our eighth travel transaction in just 18 months, with a further two travel transactions completed at the time of publishing this article, most recently advising Vitruvian on their acquisition of Great Rail Journeys. This underscores the depth of our expertise in the sector and our track record and commitment to delivering value for travel businesses navigating change, growth and transformation.
Clearwater Advisers
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