PRESSRELEASE
Oslo/Stockholm, 30.08.2007
Norvestor creates the largest online travel agent in the Nordic countries:
Seat24 and SRG Online to join forces
The private equity fund Norvestor IV, L.P. (Norvestor)
has agreed to acquire two of the most successful online
travel agents in the Nordic countries, Seat24 Travel
AB and SRG Online AB through the newly created holding
company European Travel Interactive AB (eTRAVELi).
eTRAVELi will become the online travel retailer with
the highest market share in the Nordic countries,
offering air tickets, hotel reservations and other
travel-related services through multiple brands,
with estimated gross sales exceeding SEK 2.6 billion
(€275
million) in 2007. The market for online travel
services is experiencing strong and sustained growth
driven by increased travel activity and internet proficiency,
especially in the Nordic region. Seat24 and SRG
achieved combined sales growth of close to 50% in the
first seven months of 2007.
Ralph Axelson, the CEO and principal owner of Seat24,
will become CEO of the new company and a large shareholder.
Industry expert Martin F. Jørgensen and management
from the two companies will also invest in the new
business. eTRAVELi will operate travel websites in 15 markets,
trading from offices in six countries (Norway, Sweden,
Denmark, Finland, Spain and the Netherlands) under
nine different brand names.
Ralph Axelson said: “I have had the privilege
of running Seat24 for the last seven years, creating
one of the most profitable online agents in the Nordic
countries. By joining forces with SRG we will take
eTRAVELi to a new level through combining our mutual strengths,
infrastructure and leading technology solutions. I
look forward to leading this great new company and,
together with owners, management and employees, building
up a leading online travel company in Europe.
Rolf Straume, Chairman of eTRAVELi and Partner in Norvestor
Equity AS, said: “We have been following the
online travel sector for quite some time and see a
lot of potential for product development and consolidation
within this relatively immature industry. We are excited
to be able to work with the two most interesting players
in the Nordics and a strong management team.”
Dan Ströborg, CEO and owner of SRG, said: “Norvestor
has a proven track record of value creation and professional
corporate governance. By acquiring SRG and Seat24,
Norvestor lays the foundation for a clear market leadership
in the online field. Bringing together the sales volume,
software development resources, cost-efficiency, brand
recognition and marketing skills of the two companies
will form a powerful group. I believe the management
forces from both companies, together with a strong
board, will make eTRAVELi the new star of the Nordic travel
business. I am very pleased after 18 years as the
principal owner of SRG to leave the company in such
good hands.”
For more information:
Ralph Axelson, Chief Executive Officer, European
Travel Interactive AB
ralph.axelson@seat24.se Tel: +46 708 69 29 14
Rolf Straume, Chairman, European Travel Interactive
AB and Partner in Norvestor Equity AS
rolf.straume@norvestor.com Tel: +47 97 65 98 54
Norvestor Equity is a leading private equity group
in Norway. Norvestor Equity advises funds on making
private equity investments in strong growth companies
in the Nordic mid-market that have potential to achieve
a leading Nordic or international position either
through domestic organic growth, through acquisitions
in fragmented industries or by expanding into new
countries. Norvestor Equity has the most experienced
private equity team in Norway and consists of professionals
with strong industrial and financial backgrounds.
eTRAVELi is the sixth investment in the fund Norvestor
IV, L.P. www.norvestor.com
European Travel Interactive AB (eTRAVELi) represents
the brands Seat24, Supersaver, Flygvaruhuset, EasyT,
Marco Polo, Töölö, Gullivers, Flygcentrum
and Travelfinder. eTRAVELi is a combination of Seat24
Travel AB and SRG Online, formerly known as Svenska
Resgruppen AB. eTRAVELi operates in six countries (Norway,
Sweden, Denmark, Finland, Spain and Holland) and
has virtual websites in nine additional markets. Both
Seat24Travel AB and SRG Online are online travel
agencies operating mainly on the internet. Most of
the transactions are made online, giving consumers
a vast range of choices for their travel needs. The
two companies have a combined market share of about
30% in the Nordic countries and their newsletters
have one million subscribers. |
