IK puts small-cap fund to work with Touristry buyout

Following the buyout, IK plans to grow the company within its current Nordic market base, as well as expand its operations in other European cities. IK partner Kristian Carlsson Kemppinen said in a statement the GP sees potential for consolidation in a highly fragmented European sightseeing services market.

The deal marks the fourth acquisition made through IK's recently closed small-cap vehicle, the €277m IK Small Cap I Fund.

IK declined to comment on the deal's value or financing.

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 1.3 million customers a year across the Nordic countries.

People
IK Investment Partners – Kristian Carlsson Kemppinen (partner).
Touristry – Micha Gottfarb (CEO).

Advisers
Equity – Cupole Consulting Group (commercial due diligence); EY (financial due diligence); Vinge (legal).

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• Topics
• Buyouts
• Consumer
• Nordics
• IK Investment Partners
• EY (Ernst & Young)
• Small-cap buyout
• Sweden