Enterprise Investors sells Novaturas to trade buyer

The Polish private equity house acquired a 71% stake in Novaturas for €40m in 2007, with the capital invested from its sixth fund. The 2006 buyout fund raised €658m and has five companies left in its portfolio. It has so far completed four full or partial exits in 2017.

The buyer, Itaka Holdings, is a Polish travel company and claims to be the largest tour operator in central and eastern Europe. It was founded 28 years ago and generated a turnover of around €430m in 2016.

The parties have declined to disclose the value of the deal.  

Company
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.

People
Enterprise Investors – Sebastian Król (partner).
Itaka – Piotr Henicz (vice-president).

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