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PE Firms Target Travel Sector as AI Drives Growth

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Good morning, Nina Lindholm here with the Europe Wire from the London newsroom. I'm covering for Craig Mc Glashan as he enjoys a couple of days off. With the peak summer holiday season coming to an end, we take a look at recent travel, tourism and leisure dealmaking. Altor, BGF, Nazca Capital and TDR Capital are among the firms transacting in the sector.

In late July, Nazca Capital, through its Nazca Opportunities strategy, completed the acquisition of a majority stake in Madrid Artes Digitales (MAD), a creator of immersive cultural experiences. Its proprietary productions have sold more than five million tickets worldwide. Stardust International and Inmersivas Digitales remain minority shareholders.

Elsewhere, BGF in June completed an investment in Wild Frontiers, a travel company founded in 2002 by Jonny Bealby. The company operates more than 375 tours annually across 60 destinations and targets a near tripling of passenger numbers over four years.

Also in June, Altor, together with co-owners Strawberry Equities and TDR Capital, agreed to sell Nordic Leisure Travel Group (NLTG) to Norwegian Air Shuttle for approximately SKr7.94 billion ($846 million). NLTG operates 26 concept hotels and tour operator brands including Ving and Spies. The transaction is expected to increase Norwegian's annual group operating revenue by close to 50 percent.