Cinven, EQT, CPPI invest €175m in Hotelbeds

The transaction has been coupled with a debt maturity extension from existing creditors, according to a report by Cinco Dias.

At the time of its original investment in the company, Cinven was investing from its fifth-generation fund, which closed on €5.3bn in June 2013; however, the fund was fully deployed in September 2017, according to Unquote Data. The firm is currently investing from Seventh Cinven Fund, which closed on €10bn in May 2019.

EQT is currently investing from its ninth-generation fund, which closed on €14.75bn in January 2020.

Previous funding
Cinven and CPPIB acquired the business in 2016. The deal gave the business an enterprise value of €1.16bn. Cinven co-led the investment alongside CPPIB, while Hotelbeds' management team acquired a minority stake. According to press reports, the investor syndicate acquired the business from the London-listed tour operator Tui for €1.2bn.

The existing investors provided a new term loan of €430m in April 2020.

Company
Headquartered in Palma de Mallorca, Hotelbeds is a B2B company that offers hotel rooms and provides transfer, excursions, tours, meetings and events services to the travel industry. Founded in 2001, its main clients are tour operators, travel agencies and corporate clients. The company reported adjusted EBITDA of €236.9m in 2019, according to Unquote sister publication Mergermarket.

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• Topics
• Expansion
• Southern Europe
• Consumer
• Spain
• Cinven
• EQT