Montefiore Investment has agreed to sell online travel agency Cruiseline to Abénex Capital.
Abénex is drawing capital from its Abénex V fund, which closed on €425m in December 2017. The fund invests €15-60m in French companies with enterprise values of €50-300m.
In 2011, Duke Street and Kings Park Capital acquired a majority stake in QCNS Cruise Europe, now known as Cruiseline. This standalone investment had an enterprise value in the region of €50-100m.
Montefiore Investment took a majority stake in QCNS in 2017, taking over from Duke Street. According to sources contacted by Unquote sister publication Debtwire, the deal was valued in the €70-75m range, based on QCNS's EBITDA of around €7m and €128m turnover.
Montefiore was investing from its fourth-generation fund at the time of the acquisition. The vehicle closed on €420m in July 2016.
Founded in 2005, Monaco-based Cruiseline is an online travel agency specialising in cruises. The company generates revenue of €155m and employs 325 staff in 18 countries, according to Cruiseline's website.
Spanish aerospace-focused fund has agreed to buy precision machining company Acatec
Interest from international players is growing across a variety of sectors, but political uncertainty looms
Deal marks the fourth platform investment completed since the fund listing in the LSE last year
Bank of America will advise on the auction for the Dutch IT services group, formerly known as Infradata