J Hirsch, Wise to exit Alpitour

The GPs received expressions of interest from some possible buyers, but the sale talks are still in their initial phase, Unquote understands. It is possible that Alpitour shareholder Tamburi Investment Partners will increase its holding, acquiring J Hirsch's and Wise's stakes.

In 2012, Wise and J Hirsch bought a 54% stake in Alpitour from Exor – which retained 10% of the company – in a deal that valued the business at €225m. The acquisition was financed at 50% with a debt package provided by Banca IMI, Banca Popolare di Milano, MPS Capital Services, Meliorbanca and MedioCreval. Wise made the investment through its €180m Wisequity III vehicle, while J Hirsch invested through the €270m ILP III fund.

In March 2017, Tamburi Investment Partners provided a €120m capital increase for Alpitour and acquired a 32.7% stake, while Wise and J Hirsch each retained a 17% stake.

Founded in 1947 and based in Turin, Alpitour specialises in travel and tourism services, offering tour packages, travel reservation, leisure club services and tour facilities. In 2017, the company generated an EBITDA of €46m from revenues of €1.2bn. Alpitour employs 2,000 people worldwide and has offices in Italy, as well as in Paris, Palma de Mallorca and Tirana.

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• Topics
• Exits
• Southern Europe
• Consumer
• Italy
• Wise SGR