CVC's Etraveli buys E-Travel

The combined group projects its total transaction value to rise to €3bn by the end of 2017.

CVC acquired Etraveli in June 2017 for an enterprise value of €508m, 14x its 2017 adjusted EBITDA. The GP drew equity from its €10.9bn buyout fund, CVC Capital Partners VI, to support the transaction.

The acquisition brings together two similar businesses operating in different geographies. Etraveli conducts the majority of its business in western Europe and the Nordic countries whereas E-Travel is more active in the CEE, Middle East and Asia Pacific regions.

Etraveli's current chief executive Mathias Hedlund will become CEO of the combined group.

Etraveli is available in 46 countries and generated a €37m EBITDA from €92m of sales in 2017.

Company
E-Travel was founded in 2007 and is headquartered in Athens, Greece. It operates 10 travel booking websites in 40 different languages. It employs 170 people.

People
CVC Capital Partners – Lorne Somerville (partner).
Etraveli – Mathias Hedlund (CEO).
E-Travel – Nikos Goulis (CEO).

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• Topics
• Expansion
• CEE
• Consumer
• Greece
• CVC Capital Partners
• Build-up