Enterprise Investors fully exits Novaturas

The transactions generated gross proceeds of €4.9m.

Enterprise Investors acquired a 71% stake in the firm for €40m via its Polish Enterprise Fund VI in November 2017. The vehicle held a final close in September 2006 on €658m.

Subsequently, the GP sold a stake in the company to Itaka Holdings in June 2017.

In March 2018, EI partially exited Novaturas through an IPO on the Warsaw Stock Exchange and on Nasdaq Vilnius. The listing generated gross proceeds of €17.8m and saw Polish Enterprise Fund VI sell 22% of its holding in the company.

Novaturas was listed at a share price of PLN 44.13 in Warsaw in 2018. The current share price for the company on that exchange is PLN 10.60. Following a high of PLN 55 per share in July 2018, share price has been on a downward trend, further accelerated in February this year as the coronavirus pandemic affected global travel.

Originally listed at €10.50 apiece in Vilnius, the shares are now trading at €2.40 on that exchange.

Company
Established in 1999 and headquartered in Kaunas, Novaturas is a tour operator active in Lithuania, Latvia and Estonia. It offers a range of travel packages in the region, including summer and winter package holidays, as well as sightseeing tours to more than 30 destinations worldwide, including locations in North Africa, the Middle East, Asia and Latin America.

The company works with 400 travel agencies, including all the major ones in the Baltic countries and more than 60 in Belarus.

In 2019, the company reached €179.9m in revenues, with EBITDA of €4.4m.

People
Enterprise Investors – Sebastian Król (partner).

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