Segulah sells Etraveli to ProSieben Travel for SEK 2.2bn

The deal saw Segulah sell 100% of the company to ProSieben, five years after the GP acquired the company in a secondary buyout from Norvestor Equity.

Segulah then supported the SEK 227m public-to-private acquisition of fellow Swedish online travel agency TravelPartner in 2010, as well as the bolt-on of Flygresor. The add-on acquisitions were supported by organic growth internationally, with Etraveli now operating in 40 countries.

Etraveli's new owner, ProSieben Travel, is a subsidiary of ProSiebenSat, an independent media company based in Germany.

Etraveli is the second divestment by Segulah's 2007-vintage SEK 5.2bn Segulah IV fund, following the sale of Scan Coin to SuzoHapp in March.

Previous funding
Etraveli first came under private equity ownership in September 2007, when Norvestor Equity acquired Swedish online travel agents Seat24 Travel and SRG Online through its Norvestor IV vehicle, under the holding company European Travel Interactive.

In July 2010, Segulah acquired the company in an SBO after an auction process, following up its investment with the add-on of TravelPartner in October of the same year.

Company
Etraveli is an online travel booking group, founded in 2007 through the acquisitions of Seat24 Travel and SRG Online by Norvestor Equity.

Headquartered in Stockholm, the group had net revenues of SEK 640m based on air ticket and services sales of SEK 8.5bn. The group claims revenue growth of 34% year-on-year for the first six months of 2015.

People
Percy Calissendorff is a partner at Segulah. Mathias Hedlund is the CEO of Etraveli.

Advisers
Vendor, company – Arma Partners (Corporate finance).

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• Topics
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• Trade sale