Asset Italia, the investment holding sponsored by Milan-listed Tamburi Investment Partners spa with the contribution of 30 prestigious Italian entrepreneurs’ family offices (see here a previous post by BeBeez), has signed an agreement to subscribe a 120 million euros capital increase in Alpitour, the first Italian tour operator (see here the press release).
After the deal, Asset Italiawill hold a 32.67% stake in Alpitour’s capital, while funds managed by J. Hirsch & Co. and Wise sgr will remain as Alpitour’s shareholders (through Wish, a holding company of which they own a 50% stake each) and Alpitour’s chairman and ceo Gabriele Burgio will retain a 3.39% stake.
Funds managed by J.Hirsch and Wise had promoted Alpitour’s management buy-out in 2012, buying the group from Exor, theAgnelli-Elkan’s investment holding company, for a 225 million euros price, while Alpitour was facing rather a difficult financial situation. In the last few years however Mr. Bburgio operated a complete turnaround of the group and that’s why Alpitour has been in the radar of some international industrial groups for a couple of years already. For example Chinese conglomerate Fosun was said to be quite intersted in the dossier in June 2015 (see here a previous post by BeBeez).
Alpitour reached more than 1.1 billion euros in consolidated revenues in 2016 with a 36 million euros ebitda, after having closed FY 2015 with 1,1 billion euros in revenues, 21.8 million euros of ebitda and a net financial debt of 20,7 millions (see here an analysis by Leanus, after free registration and login).
The deal has the objective to provide Alpitour with financial resources in order to accelerate its growth path, also through further acquisitions and partnerships, both in Italy and abroad, in line with Alpitour ambition to be an always more important player in its industry, also internationally.
The group operates through five business units: tour operating, specialized in holidays organized according to each customer’s need, from “all inclusive” to “tailor made” (Alpitour, Villaggi Bravo, Karambola, Francorosso, Viaggidea, Press Tours and Swan Tour), aviation (Neos, with a fleet of 9 airplanes, is the Italian airline with the best service for its customers), hotel management (the company VOIhotels, Vera Ospitalità Italiana, operates hotels and resorts in the most beautiful holiday destinations in Italy and around the world), incoming (Jumbo Tour is one of the leading international providers of incoming travel services, with a new project dedicated to Italy; Sardegna.com is an international website dedicated to Sardinia touristic offer), distribution (Welcome Travel Group and Geo Travel Network operate thousands of travel agencies all over Italy). Alpitour operates in Italy through three offices in Turin, Milan and Rome, and has international presence with offices in France, Spain, Morocco, Tunisia, Cape Verde, Dominican Republic, Cuba, Mexico and Zanzibar; an office in China will be open soon in Nankin.
