Investindustrial buys Valtur for €100m

According to a source familiar with the situation, the all-equity deal was valued at around €100m. Investindustrial acquired a majority stake in the business, while the previous owner, the Ljuljdjuraj family, will retain a minority stake.

Alongside this transaction, Investindustrial acquired three resort facilities from Italian real estate firm Prelios, as well as the Sardinia-based Tanka Village from Italian asset management firm Antirion. The acquisitions will enable the GP to merge the businesses and create an Italy-based resort operator focused on the southern European and Mediterranean areas.

According to a statement, the GP intends to invest further in the business to consolidate the market through additional bolt-on acquisitions.

The deal follows Investindustrial's recent investments in the tourism sector, including leisure parks Gardaland and PortAventura, and Spanish rental car company Goldcar.

Company
Valtur is an Italian resort operator based in Milan. Founded in 1964, the company manages 24 resorts across Italy and Croatia as well as travel agencies and tour operators. The business posted a turnover of €100m in 2015 and employs 1,500 people.

Following the acquisitions, the company claims to manage a combined 1.5 million overnight stays per year.

People
Investindustrial – Andrea Bonomi (managing principal); Carl Nauckhoff (senior principal).
Valtur – Franjo Ljuljdjuraj (CEO).

Advisers
Equity – KPMG (financial due diligence, tax), Banca IMI (corporate finance); CBRE (commercial due diligence); Chiomenti Studio Legale (legal).
Company – Lazard (M&A).

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