Bravofly to pursue Zurich IPO

The offering will include both primary and secondary shares, with proceeds from the primary offering expected to reach €80-110m and fund further bolt-on acquisitions.

Secondary shares are being offered by the firm's founders, private equity backers and other management shareholders, all of whom will retain shares in the firm. Post-IPO, the founders will remain the company's largest shareholders.

In 2010, Ardian (then Axa Private Equity) acquired a 6% stake in the business via a growth capital funding round led by the GP. The pool of investors, which included several private investors, bought a 16% stake on aggregate.

In November 2012, the GP injected €20m into Bravofly to fund the acquisition of Spanish travel agency Rumbo. The acquisition extended the firm's presence to 20 countries. In 2013, revenues grew by 64% to reach €123.2m and adjusted EBITDA rose by 69% to hit €22.8m, in part thanks to the acquisition of Rumbo.

Credit Suisse, Morgan Stanley and UBS Investment Bank are acting as joint global coordinators and joint bookrunners alongside Mediobanca. Cinven's Roberto Italia and Swiss investor Christian De Prati are advising the company.

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• Topics
• DACH
• Exits
• Consumer
• Switzerland
• Ardian (formerly Axa PE)
• IPO