eTRAVELi is the leading on-line travel agent in the Nordic region offering air tickets, hotel reservations, car rental and other travel related services through the brands Seat24, Supersavertravel, Flygvaruhuset, Travelstart, Gotogate and Flybillet. In 2010, the group is expected to report gross sales of SEK 4.9 billion. Since 2007, eTRAVELi has had an average revenue growth rate of 22% p.a. The Company’s head office is located in Uppsala, Sweden.
The seller in the transaction is the Norwegian based private equity group Norvestor.
eTraveli’s CEO Ralph Axelson, comments: “Norvestor has provided valuable support in our development so far, but we are delighted to have Segulah as new majority owner to assist us in the next phase of growth at eTRAVELi. We are well positioned to further strengthen our market position by offering a “one stop travel shop” for travel related services to our customers”.
Segulah Advisor AB’s industrial advisor Erik Strand (General Secretary of the Swedish Sports Confederation, and former CEO of Ticket and deputy CEO of SAS) will join the board as Chairman of eTRAVELi.
“eTRAVELi is an exciting and well run company, providing high functionality and easy to use web sites to distribute travel related services, well aligned with modern customer preferences. The growth has been impressive and I look forward to support management in further developing the company” says Erik Strand.
“The market fundamentals for on-line travel agents are favourable based on continued strong growth of online distribution for air tickets, hotel and car rental reservations. Segulah IV is thus pleased to acquire eTRAVELi and look forward to support the company’s continued development as a committed and active owner”, says Percy Calissendorff, Partner at Segulah Advisor AB.
The acquisition will be Segulah IV L.P.’s third investment. Management will reinvest and remain as significant shareholders alongside Segulah IV L.P. The transaction is subject to Norwegian Competition Authority approval.
Ralph Axelson, CEO eTRAVELi:
+46 (0) 708 69 29 14
Percy Calissendorff, Partner Segulah Advisor AB:
+46 (0) 733 47 62 81
Founded in 1994, Segulah is a private equity partnership focused on lower mid market buyouts in the Nordic region, with a business model of active ownership through its extensive network of industrial advisors. Segulah Advisor AB is the exclusive investment advisor to the Segulah II (MSEK 850), Segulah III (MSEK 2,350) and Segulah IV (MSEK 5,200) UK Limited Partnerships.
The funds’ current portfolio of companies includes: InfoCare (electronics repair and installation services), PMC Group (hydraulics and pneumatics), S:t Eriks (prefabricated concrete products), NEA (electrical installation), Kemetyl (Car Care, Hygiene and Industrial products), Exotic Snacks (natural snacks), Almondy (frozen cakes), SKT (low pressure sewer systems, Gunnebo Industries (Lifting, fastening, traction products, blocks) and Medstop (pharmacies).