Tamburi buys Wise and J Hirsch's stakes in Alpitour

Unquote reported in March that J Hirsch and Wise had received expressions of interest from some possible buyers, including Alpitour shareholder Tamburi.

The acquisition was made by Tamburi's investment holding, Asset Italia 1, which bought the entire stake owned by Wish, a company equally controlled by Wise and Hirsch's fund ILP III. In addition to this, Tamburi also acquired Azurline's stake in Alpitour, for a total holding of 38.8%.

The acquisition was made via a newly established company named Alpiholding, of which 49.9% is controlled by Asset Italia 1, 0.2% by Alpitour CEO and president Gabriele Burgio, and the remaining 49.9% by other investors.

Tamburi's Asset Italia 1, which already owned 32.7% of Alpitour, will now control around 52%, while Italian GP Wise reinvested in the company by acquiring a minority stake of 3.5%.

Tamburi said in a statement that Alpiholding is ready to further increase its share in Alpitour by acquiring other stakes if any of the company's current shareholders decide to sell. The firm plans to list the company on the Italian stock exchange within two to three years, Tamburi added.

Previous funding
In 2012, Wise and J Hirsch bought a 54% stake in Alpitour from Exor – which retained 10% of the company – in a deal that valued the business at €225m. The acquisition was financed at 50% with a debt package provided by Banca IMI, Banca Popolare di Milano, MPS Capital Services, Meliorbanca and MedioCreval. Wise made the investment through its €180m Wisequity III vehicle, while J Hirsch invested through its €270m ILP III fund.

In March 2017, Tamburi Investment Partners provided a €120m capital increase for Alpitour and acquired a 32.7% stake, while Wise and J Hirsch each retained a 17% stake.

Company
Founded in 1947 and based in Turin, Alpitour specialises in travel and tourism services, offering tour packages, travel reservation, leisure club services and tour facilities. The company employs 2,000 people worldwide and has offices in Italy, as well as in Paris, Palma de Mallorca and Tirana. Alpitour generated an EBITDA of €46m from revenues of €1.2bn in 2017 and, after the recent acquisition of travel group Eden Viaggi, expects to reach revenues of €2bn in 2019.

People
Alpitour – Gabriele Burgio (CEO, president).

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