General Atlantic, a prominent global growth investor, recently made a strategic growth investment in Plusgrade, a leader in ancillary revenue solutions for the travel industry. This investment led Novacap to fully exit its stake in Plusgrade, while CDPQ remains a significant shareholder. The partnership aims to bolster Plusgrade's growth through new business segments, strategic M&A, and operational initiatives. Plusgrade is trusted by over 200 partners worldwide in various sectors for its ancillary revenue offerings and loyalty expertise. The company expanded its portfolio by acquiring Points.com in 2022 and UpStay in 2023, enhancing its impact on the travel industry.

Ken Harris, Plusgrade's CEO, highlighted the importance of ancillary revenue for travel companies and expressed gratitude towards Novacap for their partnership. He welcomed General Atlantic's support to further innovate Plusgrade's offerings. Tanzeen Syed from General Atlantic praised Plusgrade's differentiated solutions and market position. Kim Thomassin from CDPQ reiterated their support for Plusgrade, emphasizing the opportunity for value creation in the travel industry's ancillary revenue market.

Barclays, Paul, Weiss, Rifkind, Wharton & Garrison LLP, and Goodmans LLP advised General Atlantic. J.P. Morgan, Scotiabank, and Davies Ward Phillips & Vineberg LLP advised Plusgrade, marking a significant transaction in the travel industry's financial landscape.