Investindustrial's Valtur sold out of insolvency

Alessia Argentieri
06 July 2018

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Investindustrial has sold Valtur to Italian tour operator Nicolaus.

A source familiar with the situation told Unquote that Nicolaus bought the company for around €4.5m, which equates to 3x the minimum bid considered admissible by the Italian tribunal.

Valtur filed for insolvency in March 2018 by submitting a request to the Milan tribunal to start the legal procedure known as "concordato prenotativo", which enabled the company to reach an agreement with its creditors.

The sale ends a two-year holding period for Italian buyout house Investindustrial, which bought Valtur in 2016, in an all-equity deal valued at around €100m. The GP acquired a majority stake in the business, while the previous owner, the Ljuljdjuraj family, retained a minority holding. The vehicle used for the transaction was Investindustrial V, which held a final close on €1.25bn in 2012.

In November 2017, CDP Investimenti, owned by Cassa Depositi e Prestiti (CDP), whose controlling shareholder is the Italian Ministry of Economy and Finance, acquired three resorts from Valtur, based in Marina di Ostuni, Marilleva and Pila, in a deal valued at around €75m. CDP deployed capital from its real estate fund FIT to support the transaction.

Following the acquisition, Nicolaus, which generated revenues of €80m in 2017, expects to reach an EBITDA margin of 5.5% from revenues of €140m by 2021.

Company
Founded in 1964, Valtur is an Italian resort operator based in Milan. The company recorded revenues of €86m in 2017, up 7% on 2016, but a net loss of €80m, and €70m in trade payables to its suppliers.

People
Nicolaus – Giuseppe Pagliara (CEO).