London-based private-equity company 3i Group is acquiring a majority stake in International Cruise & Excursions, a provider of vacation travel for loyalty and rewards programs.

ICE was No. 23 on Travel Weekly's 2017 Power List.

With the investment, 3i Group plans to expand ICE's international business. Currently, international sales are 15% of ICE's revenue.

ICE founders John and Marcia Rowley will continue in their leadership roles. The Rowleys and some ICE senior executives are co-investing with 3i Group and will retain a "significant minority stake" in the company, 3i Group said.

John Rowley said 3i Group has a "proven record in the travel industry." Last October, the company acquired Smarte Carte, provider of vended luggage carts, electronic lockers, commercial strollers and massage chairs at airports. 

3i Group also owns high-end tour operator Audley Travel, a U.K.-based company with a U.S. office in Boston.

ICE was founded in 1997 and has some 2,000 employees. The company is based in Scottsdale, Arizona, with additional offices in Australia, Europe, India, Mexico, New Zealand and the U.K.

The company has developed proprietary technology that enables it to offer travel rewards programs and fulfillment services for several travel products, including cruises and resorts.

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