Springwater buys Espírito Santo Viagens

According to a statement released by the vendor, Springwater intends to expand its footprint in Iberian tourism. In January 2014, the GP bought four non-cruise-related businesses from cruise operator Pullmantur, taking over Pullmanair, Nautalia Viajes and Land & City Tours.

Springwater has increased its focus on the Iberian peninsula this year, clocking up three deals in the region between the Pullmantur and the Espírito Santo transactions. In January, the GP acquired the industrial business unit of Madrid-based Adveo for €16m; in March, Springwater took a 30% stake in Spanish aerospace group Aernnova; the acquisition of Grupo Monesa, a Spanish industrial plants maintenance business, followed in July.

Company
Espírito Santo Viagens is a Portuguese group in the travel and tourism market. Based in Lisbon, the company operates through 50 stores, as well as telesales channels and online, under several brands including Top Atlântico and BCD Travel.

People
Martin Gruschka is president of Springwater.

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• Topics
• Southern Europe
• Consumer
• Buyouts
• Portugal