Indian company Mahindra Holidays has announced that it is acquiring an initial 18.8% stake in the Finnish firm Holiday Club Resorts Oy for EUR 18 million, with an option to increase its ownership over a period of two years. Holiday Club Resorts has 32 resorts, of which 24 are located in Finland, two in Sweden and six in Spain. Seven of the resorts have spa hotels with indoor water parks.
According to Mahindra Holidays, the acquisition will enable the company to make significant inroads into the European markets and to leverage Holiday Club’s expertise in the vacation ownership model, as well as its strong technology platform and talent pool. Holiday Club has a membership base of over 50,000 families and is a leading leisure brand in Europe.
Springboard to growth
Mahindra Group Chairman Anand Mahindra believes that the acquisition of Holiday Club Resorts can elevate Mahindra Holidays to a global leader in the vacation ownership industry. “This timely acquisition not only provides access to European assets, technology and processes, but more importantly, provides a springboard to Mahindra Holidays for growth in Europe and other international destinations,” he said.
Holiday Club CEO Vesa Tengman is excited about the development opportunities and synergies that the collaboration of two market leaders will bring about. “We look forward to prospecting new opportunities to expand further in Europe,” said Tengman.
Source: Mahindra Holidays