Altor, TDR secure stakes in Thomas Cook Northern Europe

The investors include Petter Stordalen-controlled Strawberry Group, together with Altor Fund V and TDR Capital. Strawberry Group and Altor secured a 40% stake each, with TDR buying the remaining 20%.

The investors said they expect to secure around SEK 6bn (€558m) in liquidity and guarantees through a financial restructuring.

The acquisition will safeguard the jobs of 2,300 people working across the Ving, Spies, Tjäreborg and Thomas Cook Airlines Scandinavia companies.

The transaction involves a combination of purchases of entire companies or the assets of certain companies from the former legal structure of Ving. A number of the businesses will technically go into bankruptcy so that all operations can then be taken over directly by the newly formed group.

Company
Ving regroups the northern European operations of collapsed leisure firm Thomas Cook. It includes tour operator activities in Norway, Sweden, Denmark and Finland, under the Ving, Spies, Tjäreborg, Globetrotter and Thomas Cook Airlines Scandinavia brands. The latter will be renamed Sunclass Airlines as part of the restructuring.

The division is understood to be profitable, with an operating profit in the region of SKK 1.4bn.

People
Strawberry Group – Petter Stordalen (founder).
Altor – Harald Mix (managing partner).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• Nordics
• Consumer
• Altor
• TDR Capital