Online travel agency group eTRAVELi has shared that Segulah IV L.P, a private equity firm focused on acquisitions of medium-sized companies in the Nordic region, is taking over its ownership from venture capital firm Norvestor Equity.

Published: 06 Jul 2010

Online travel agency group eTRAVELi has shared that Segulah IV L.P, a private equity firm focused on acquisitions of medium-sized companies in the Nordic region, is taking over its ownership from venture capital firm Norvestor Equity.

eTRAVELi says it is the online travel agency group with the highest market share in the Nordic countries.

The online travel group offers airline tickets, hotel reservations, rental cars and other travel-related products through multiple brands and is represented in six countries.

The group recorded a turnover of SEK 3.5 billion during 2009.

eTRAVELi’s brand portfolio currently includes the brands Seat24, Supersavertravel, Flygvaruhuset, Gotogate, Flybillet.dk, Travelfinder and Travelstart.

For 2010, the company is expecting gross sales of approximately SEK 5 billion.

Strategy

eTRAVELi and Norvestor’s strategy has been to build up large volumes and develop its range of products and services while also reducing operational costs. The results of this strategy have been striking, with profitability continually increasing as costs decreased, stated the company.

“Under Norvestor's ownership, we have implemented structural changes, streamlined the organisation, built up a scalable technical platform and acquired a number of large brands that we have added to our portfolio. Norvestor has provided major support and been a partner during our development,” said Ralph Axelson, CEO of eTRAVELi. “We see the change in ownership as the next step in our development.”

Segulah Advisor AB's industrial advisor Erik Strand (General Secretary of the Swedish Sport Confederation, previous CEO of Ticket, and vice CEO of SAS) will be appointed as chairman of the board of eTRAVELi.