CVC-backed Etraveli acquires TripStack and Flight Network

The transaction sees the former managing director of Kayak EMEA, Pia Vemmelund, join the management teams of the two companies.

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 latest acquisitions are intended to increase the group's airline integration capabilities and to broaden the number of flights available on its sites. The companies will also serve to grow Etraveli's presence in North America.

Previous funding
TripStack received $6m in funding from undisclosed backers in June 2018.

Company
TripStack is based in Toronto and was founded in 2016. TripStack's website offers access to low cost carriers. The company employs 88 people in Canada and India.

Oakville-based Flight Network employs more than 350 people. The company was founded in 2005 and its website offers flights direct to consumers.

People
Etraveli – Mathias Hedlund (CEO).
Tripstack – Naman Budhdeo (CEO, founder).
Flight Network – Naman Budhdeo (CEO, founder).

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