Alpitour announced yesterday that it will buy for a 100 million euros price the Italian tour operator Eden Viaggi from the Filippetti family, with founder Nardo Filippetti who is going to remain a manager in the group (see here the press release). Alpitour’s offer was preferred to another offer by Spanish tour operator Barcelò.
Thanks to the deal the new group will reach 1,6 billion euros in revenues (400 millione uros from Eden Viaggi and 1.2 billions from Alpitour) and 2 billions in 2019.
Alpitour is preparing itselft to a reshuffle in its shareholders’ capital. Asset Italia, an investment veichle sponsored by Tamburi Investment Partners together with 30 Italian entrepreneurs’ family offices, is said to mull a raise in its stake from actual 32.67% which it bought about one year ago (see here a previous post by BeBeez).
Asset Italia might actually buy part of the stakes now owned by funds managed by Italian private equity firms Wise sgr and J. Hirsch & Co, who are now shareholders with a a 35.26%stake through the newco Wish (jointly owned). However also Chinese conglomerate Fosun, owner of Club Med (see here a previous post by BeBeez) is said to be looking again at the deal while other international tour operators (i.e. Barcelò and Wamos) are said to be interested at the dossier.
J.Hirsch ande Wise financed a management buy-out of Alpitour back in 2012. Alpitour was then sold to the private equity funds by Exor, the holding company of the Agnelli-Elkann family, for a 225 million euros price, when its financial structure was frather critical. Chairman and ceo Gabriele Burgio (who is shareholder with a 3.39% stake) made then a real turnaround of the business and that’s why Alpitour has been look at by some potential inew investors in the last two years, with Fosun among them (see here a previous post by BeBeez).
Alpitour reached 1.1 billion euros in consolidated revenues in 2016 (see here an analysis by Leanus, after free registration and login). Last March, Tamburi Investment Partners in its letter to investors on FY 2017 statements said that Alpitour saw a 28.6% jump in ebtida in 2017 to 46 million euros, even if revenues just grew by 7.3%.