Egeria acquires NIBC-backed Fletcher Hotels

Fletcher's management team will remain shareholders in the business, according to a statement.

Egeria is currently investing via Egeria Private Equity Fund V, which held a final close in December 2017 on €800m. The GP invests in businesses with enterprise values of €50-350m.

Unquote sister publication Mergermarket reported in September 2019 that Fletcher Hotels was up for sale and was to be marketed based on EBITDA of €40m.

During NIBC's investment period, the hotel chain has made a number of acquisitions of businesses and hotel locations in the Netherlands, four of which took place in 2020.

In spite of a challenging year, Fletcher Hotels said in a statement that it plans to increase its sites to more than 150 hotels in the Netherlands in the coming years.

Previous funding
Rabobank's Rabo Private Equity acquired a minority stake in Fletcher Hotels in 2011. The business had 50 hotel sites at the time of the investment. A report from Het Financieel Dagblad issued at the time stated that the company was expected to report 2011 EBITDA of €14m and aimed to expand to 75 chains following Rabo's investment.

NIBC acquired Fletcher Hotels from Rabo and company founder Chris Luken in 2016, via an MBO led by CEO Rob Hermans and CFO Edwin van Heteren. The investment was part of the bank's commercial real estate and mezzanine & equity partners platforms.

Company
Founded in 1997 and headquartered in Nieuwegein, Fletcher Hotels is a chain of 103 luxury hotels based in the Netherlands. The company employs 4,000 staff.

People
Egeria – Mark Wetzels (partner).
Fletcher Hotels – Rob Hermans (CEO).
NIBC Investment Partners – Brigitte van der Maarel (managing director, head of NIBC Investment Partners).

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• Topics
• Buyouts
• Benelux
• Consumer
• Netherlands
• Egeria
• NIBC Capital Partners