ISIS backed the management buy-out of TravelJigsaw in June 2008, investing £12.9 million for a stake of 40 per cent in the company. The investment was refinanced in December last year.

The terms of the acquisition by Priceline have not been disclosed, but ISIS has exited in full and the TravelJigsaw management team has retained a minority stake in the business.

Adam Holloway, a partner at ISIS, says he is ‘delighted’ with the return achieved by the firm through the deal.

He adds, ‘The business has delivered fantastic growth through the severest economic downturn in decades by relentlessly focusing on its proposition to customers and suppliers and through skilful yield management.’

TravelJigsaw was founded in 2004 by CEO Greg Willis. Its customers can book vehicles online and pick them up from 4,000 locations in 80 countries.