
Enterprise Investors shelves Novaturas sale
Enterprise Investors has pulled out of the sale process of Lithuania-based tour operator Novaturas to Itaka Holdings, four months after initially agreeing to the sale.
The decision was made on the back of delays from antitrust authorities in providing regulatory approval for the deal, according to a statement.
The GP said it was now considering other exit routes, with an IPO on the Warsaw or Vilnius stock exchanges a likely option.
The CEE-focused private equity house had decided to sell its majority stake in Novaturas after a 10-year holding period, and announced a trade sale to Polish travel company Itaka Holdings in July 2017.
Enterprise acquired a 71% stake in Novaturas for €40m in 2007, with capital invested from its Polish Enterprise Fund VI.
Established in Lithuania in 1999, Novaturas sells package holidays, sightseeing tours and skiing trips, with its destination portfolio including Turkey, Spain, the Canary Islands and Greece, as well as winter retreats in Italy and France.
In 2016, it posted €102m in sales revenue. For 2017, sales revenues are expected to be €125m, translating to an EBITDA of €10m, the company said.
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