CVC Capital Partners buys Etraveli for 508 million Euro
CVC Capital Partners (“CVC”) today agreed to acquire Etraveli, the global flight-centric online travel agency (OTA), for 508 million Euro from ProSiebenSat.1. The German media company paid 235 million Euro for the company in October 2015 when it was purchased from Segulah.
Etraveli, with headquarters in Uppsala, Sweden, is a global e-commerce platform for flight tickets (e.g. Gotogate, Supersavertravel, Flygresor.se), combining a strong market position in the Nordics with a fast-growing international business.
The company operates in 46 countries on 5 continents. Etraveli has grown by about 40% annually since 2014 and sold airline tickets and related services to more than 5 million travelers in 2016 for an aggregate value of ca. SEK 18 billion.
Over the past few years, Etraveli has expanded internationally, achieving substantial market share in major European markets such as the UK, Germany and France. With CVC as its new partner, Etraveli is aiming to increase its global footprint and become the largest online travel agency in Europe.
“In recent years, Etraveli has been transformed into an international company with a clear strategy based on offering consumers cheaper airline tickets more efficiently than competitors in many corners of the world,” says Mathias Hedlund, CEO of Etraveli since 2014.
Commenting on the sale process, “It is with joy and anticipation that we today welcome our new owners, CVC. From the start of this process, CVC showed their astute understanding of both our future challenges and opportunities. Now we look forward to further enhancing our ambitions with CVC, striving to increase our international presence, both organically and through acquisitions,” he continues.
Lorne Somerville, Partner and Head of TMT at CVC, said: “The online travel sector is dynamic and fast-growing, and Etraveli is a clear front-runner due to its data-driven approach and highly scalable business model. We look forward to bringing the sector and wider CVC network together with Etraveli’s excellent management team to transform the company into a truly global platform.”
Gustaf Martin-Löf, Managing Director in CVC’s Nordics team, added “It is a great privilege to be working with Mathias and his team in the next stage of the company’s development.”
Mathias Hedlund, CEO
+46 (0) 706 66 37 58,
Claes Tellman, Communications Manager
+46 (0) 703 99 62 81
Etraveli is a leading online travel agency with a wide range of flights, accommodation and other travel-related services. The company operates in 46 countries on 5 continents, with brands such as Gotogate, Supersaver / Supersavertravel, and the meta search service Flygresor.se. Etraveli is Europe’s third largest flight centric online travel agency. Etravelis headquarters are located in Uppsala, the company also has offices in Stockholm, Gothenburg and Miami, as well as operations in India and Poland.
About CVC Capital Partners
CVC Capital Partners is a leading private equity and investment advisory firm. Founded in 1981, CVC today has a network of 23 offices and approximately 400 employees throughout Europe, Asia and the U.S. To date, CVC has secured commitments of over $107 billion from some of the world’s leading institutional investors across its private equity and credit strategies. In total, CVC currently manages over $65 billion of assets. Today, funds managed or advised by CVC are invested in 50 companies worldwide, employing c. 310,000 people in numerous countries. Together, these companies have combined annual sales of over $70 billion. For further information about CVC please visit: www.cvc.com