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Icelandic tour operator acquires Finland’s leading leisure-travel chain

08/08/2006

At the beginning of August, it was announced that funds managed by CapMan, a leading private-equity investor in the Nordic countries, are to sell their holding in Matkatoimisto Oy Matka-Vekka, Finland’s most-comprehensive private-travel agency chain, to the Icelandic company Heimsferðir EHF, Iceland’s leading tour operator. According to a statement, the acquisition strengthens Heimsferðir's objective of being a leading Scandinavian tour operator, and completes its ambition of having operations in all Scandinavian countries. The transaction price was not disclosed.

Commenting on the announcement, Jukka Järvelä, a CapMan partner, said ”Matka-Vekka has achieved the strategic objective that was set for the  company – to be Finland’s leading leisure-travel agency chain. During the past two years the company’s profitability has risen among the best in the travel industry, and its current network of 50 sales offices reaches the majority of Finnish consumers of travel agency services.”

Heimsferðir EHF is Iceland’s leading tour operator and the fourth largest tour operator in Scandinavia. The Heimsferðir Group includes Terranova in Iceland, Bravo Tours in Denmark, Solresor in Sweden and Solia in Norway. Following completion of the acquisition, net sales by the Heimsferðir Group in 2006 are expected to total EUR 367 Million. Heimsferðir is wholly owned by Andri M.. Ingolfsson, the group’s group president.

Founded in 1972, Matkatoimisto Oy Matka-Vekka is a nationwide chain of travel agencies employing some 260 people. The Matka-Vekka Group consists of the Matka-Vekka travel agency and Lomamatkat Oy. Gross sales by the group in 2005 totalled EUR 127 million and turnover was EUR 60.9 million.

Further information:

http://www.capman.com/En/Media/Releases/CapMan_exits_from_Matka_Vekka.htm