Carlyle and Vista sell Orizonia for mere €141m

Amy King
11 December 2012

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Carlyle and Vista Capital have sold Spanish tour operator Orizonia to tourist group Globalia in a deal valued at €141m, six years after buying it for more than €800m, according to reports.

The deal includes the assumption of the company's substantial debt burden and an equity injection of up to €60m. A refinancing strategy will begin imminently.

The company's shareholders and subordinated debt providers recently rejected the bid put forward by Barceló, which included a reduction of the company's debt of up to 80% and a capital injection of up to €40m.

Previous funding
In 2006, Carlyle and Vista acquired Orizonia (then Iberostar) in a deal reportedly worth more than €800m, with the GPs holding 60% and 35% respectively. The remaining 5% was held by management. The sale process was run by Lazard.

Bankia and Intermediate Capital Group provided subordinated debt reportedly totalling €640m to support the deal.

Company
Founded in 2006 and based in Mallorca, Orizonia is a European tourism group. The firm operates across several elements in the tourism supply chain including retail, aviation, hotel and cruises.

Its retail division, VIBO Travel, has a network of 950 offices in Spain and Portugal and is affiliated with seven tour operators. Earlier this year, the firm sold online travel agency Rumbo to Bravofly, a portfolio company of AXA Private Equity.

The company has a turnover in excess of €2.4bn and employs more than 5,000 members of staff, serving more than eight million customers per year.

People
Pedro de Esteban is a managing director at Carlyle's Barcelona office.