Montefiore exits Cruiseline in sale to Abénex
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.
Previous funding
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.
Company
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.
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