Wise and J Hirsch buy Alpitour from Exor

Co-investment was provided by a group of investors, including Network Capital Partners, an Italian fund that has acquired a 10% stake.

The acquisition was made through the formation of newco Wish. It wholly acquired holding company Seagull, which itself holds a 54% stake in Alpitour.

Wise made the investment through the €180m Wisequity III vehicle. J Hirsch invested through the €270m ILP III fund. The debt to equity ratio is 50:50.

The acquisition will drive the international expansion of the company and development of its core services.

Debt
Debt provided by Banca IMI, Banca Popolare di Milano, MPS Capital Services, Meliorbanca and MedioCreval accounted for 50% of the transaction value.

Company
Founded in 1947 and based in Cuneo, Alpitour is a tour operator that operates across various brands targeting different types of travel. The firm reported a €1bn turnover in 2011.

People
Founder Paolo Gabarini led the transaction for Wise. Managing director Stefano Cassina worked on the deal for J Hirsch.

Advisers
Equity – Chiomenti (Legal); KPMG (Financial due diligence); Banca Akros (Corporate finance).

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• Topics
• Southern Europe
• Consumer
• Buyouts
• Italy
• KPMG
• Mid-market buyout