Springwater-backed Wamos bolts on Mapa Group

Unquote understands that the company was acquired for around €40m, which equates to 5.4x its 2018 EBITDA.

Following this acquisition, Wamos expects to expand its presence in inbound tour operations and reduce its dependency on outbound Spanish tourism. In addition, the deal will allow for further vertical integration within Wamos, while diversifying the group's revenues and providing opportunities for cost savings.

Springwater acquired a majority stake in four non-cruise-related businesses from RCC-backed Pullmantur in 2014. The companies included airline business Pullmantur Air, rebranded to Wamos, as well as tour operators Nautalia, Land&City Tours and Pullmantur Operator. As part of the deal, RCC-owned cruise operator Pullmantur retained a 19% stake in the companies and rebranded to Pullmantur Cruises.

In October 2014, Springwater-backed Wamos Group acquired Espirito Santo Viagens out of administration and subsequently bought Portuguese tour operator GeoStar from Sonae in October 2015.

Under Springwater's ownership, Wamos's earnings have grown from negative EBITDA of €14.2m in 2014 to EBITDA of €29m in 2018, while revenues reached €1.2bn last year. The group employs 1,800 staff with operations organised around a diversified range of travel activities offered by six brands.

Company
Madrid-headquartered Mapa Group comprises Mapa Tours, an outbound tour operator, Mapa Plus, an inbound tour operator focused on South, Central and North American clients, and Pegasus, an inbound tour operator for Asian and Middle Eastern clients. The company generated EBITDA of €7.4m from revenues of €150m in 2018.

People
Wamos Group - Fernando Eiroa (CEO).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Portfolio management
• Southern Europe
• Consumer
• Spain
• Build-up
• Buy-and-build