IK sells Touristry in trade deal

The deal ends a two-year holding period for IK, which acquired the business in 2016 via its IK Small Cap I Fund.

In addition to helping bolster Touristry's market position in the Nordic region, IK said it enabled the company to expand into Germany via two add-on acquisitions. Touristry grew its presence across northern European tourist destination cities, including Stockholm, Copenhagen, Helsinki, Tallinn, Riga and Berlin.

With the fresh capital, Touristry intends to continue expanding in the European tourism market. It will join Tourism Group, which will be rebranded to Tourism Group International.

Previous funding
IK acquired Swedish tourism company Touristry in a management buyout in April 2016. Following the buyout, IK planned to grow the company within its Nordic market base, as well as expand its operations in other European cities. The deal marked the fourth acquisition made through IK's small-cap vehicle, the €277m IK Small Cap I Fund.

Company
Headquartered in Stockholm, Touristry is a provider of tourism services, mainly hop-on / hop-off bus and boat sightseeing tours. The company's main brands are Red Buses and Red Sightseeing. It claims to service around 2 million customers a year.

People
IK Investment Partners – Kristian Carlsson Kemppinen (partner).
Touristry Group – Micha Gottfarb (founder, CEO).
Tourism Group Holding – Dirk Lubbers (CEO).

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• Benelux
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• Trade sale