Triton is to acquire the tour operating activities of Corendon Holiday Group (Corendon) through Sunweb Group (Sunweb), a Triton Fund V portfolio company. Final agreement is still subject to regulatory approvals and to employee consultation procedures. Terms of the transaction are not disclosed.
Corendon is a leading tour operator group in the Netherlands and Belgium. Founded in 2000, it creates fully integrated holiday experiences for more than 750,000 customers with a EUR 515m turnover. When completed, the acquisition will merge Sunweb and Corendon into a joint company under Triton´s support taking advantage of enhanced scale, financial strength, innovation culture, a larger client base and airline capacity.
– The value chain in travel is changing, and Corendon has proven that its position and business model is resilient and winning in this complex environment. The entrepreneurial DNA and the shared mission of both Sunweb and Corendon to deliver the best possible holiday experience for customers will make sure that we will keep on expanding our position in the European travel market. As owners we strive to maintain and preserve the cultures of both Corendon and Sunweb to provide a great place to work. The combination will also provide a strong platform to continue investing in innovation, sustainable travel and digitalization to deliver a superior customer experience and exceed the expectations of the future traveler,” said Per Agebäck, Investment Advisory Professional, Sector Leader for Consumer and advisor to the Triton Funds.
The agreement between Sunweb and Corendon consists of the Corendon tour operating activities in Holland and Belgium, the back-office operations in Turkey and Corendon Dutch Airlines. It also includes Corendon´s brands Karin’s Choice, Maris Life, Stip, and GOfun. The Turkish and European airline and the hotels of Corendon Hotels & Resorts are not part of the transaction.
While leveraging the operational synergies by merging under one company and ownership, Sunweb and Corendon will keep their current brands and organizational structures
– The merger of Sunweb and Corendon is a natural and logical step. For the last years, both Sunweb and Corendon have managed to stay ahead as competitors in an ever-changing travel industry. A key driver for the continued growth and development has not only been the strong product offering but also the digitalisation of both brands. We will continue our ambitious growth agenda, focusing on selecting best-in-breed technology and processes and making significant investments in innovations in order to maintain our competitive advantage in an increasingly digital-first world, said Gert de Caluwe, CEO of Sunweb Group.
About Sunweb Group
Sunweb Group is one of the leading travel groups in Europe. It is the driving force behind numerous brands operating within eight international markets: The Netherlands, Belgium, Denmark, Sweden, Norway, United Kingdom, Germany and France. Sunweb is the flagship brand of the group.
Sunweb is a pure online player for package holidays towards sun and winter sport destinations. Sunweb Group employs approximately 500 individuals and sends more than 400 representatives on to various holiday destinations to support its customers.
The Sunweb Group has a pan-European identity: headquarters in Netherlands and Switzerland, software and web development in Girona and various sales offices around Europe. The combination of a centralized organization, unique self-contracted hotel and flight inventory and a strong online business model has resulted in one million happy clients for Sunweb Group last year. Sunweb Group was acquired by Triton Fund V in February 2019.
Since its establishment in 1997, Triton has sponsored nine funds, focusing on businesses in the industrial, business services, consumer and health sectors.
The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Europe. Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth.
The 38 companies currently in Triton’s portfolio have combined sales of around €14.9billion and around 72,000 employees.