Etraveli and e-Travel join forces
7 November – Etraveli, the global flight-centric and data-driven online travel platform, today announced that it will join forces with e-Travel. The newly-combined company will help achieve Etraveli’s goal of becoming Europe’s leading online travel company. Etraveli was acquired by CVC Capital Partners’ Fund VI in August 2017.
Both Etraveli and e-Travel have seen rapid growth and expansion to a variety of markets in recent years. Their geographical footprints have little overlap and make this transaction highly complementary.
Etraveli, based in Uppsala, Sweden, is a global e-commerce platform for flight tickets combining a leading position in the Nordics with a fast-growing international business. Etraveli conducts a majority of its business in Western Europe and the Nordics. e-Travel, based in Athens, Greece, has a similar set-up, but a more robust position in Eastern Europe and a growing presence in the Middle East and Asia Pacific region.
The combined company is expected to have a pro-forma TTV of c. €3bn by year-end 2017.
Mathias Hedlund, CEO of Etraveli, said: “Our focus will be on even more growth and expansion. I am delighted that we have found a like-minded partner in e-Travel that shares our vision and has complementary strengths that will help take our business to the next level.” Mathias Hedlund also will become the CEO of the new joint entity.
Nikos Goulis, CEO of e-Travel, said: “At e-Travel, we feel that together with Etraveli we are now perfectly positioned to become Europe’s leading flight-centric e‑commerce platform, which has always been our goal.” Nikos Goulis will continue in his role.
Lorne Somerville, Partner and Head of TMT at CVC, commented: “We are delighted to support Etraveli in its ambition to grow to become a leading international e-commerce platform with a wide geographic footprint and strong data-driven business model. We welcome e-Travel into the CVC family.”
The transaction signed and closed today.
Mathias Hedlund, CEO Etraveli
+46 (0) 706 66 37 58,
Claes Tellman, Communications Manager
+46 (0) 703 99 62 81
Etraveli is a leading online travel agency offering 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. Their headquarters are located in Uppsala, and the company also has offices in Stockholm, Gothenburg and Miami, as well as operations in India and Poland.
e-Travel is one of the largest online travel agencies in Europe and one of the most successful e-commerce companies in Greece. They specialize in selling flight tickets.
Since the 2007 launch in Athens, they have consistently been rated as one of the fastest growing companies in Greece. Their brands include pamediakopes.gr, mytrip.com, trip.ru, trip.bg, trip.ua, trip.kz, trip.ae, avion.ro, airtickets24.com and fantasticgreece.com. They employ about 200 people and have offices in Athens, Greece and operations in the Philippines.
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