Enterprise Investors to acquire Orbis Travel and to consolidate the CEE tourism industry

Polish Enterprise Fund VI’s (PEF VI) subsidiary, which already owns 70.73% of Novaturas, agreed to buy all the Orbis Travel shares owned by Orbis SA and maintain the brand name, which is one of the strongest and best known in the Polish tourism industry. The acquisition price and terms were not disclosed. The agreement is subject to approval by the Polish anti-monopoly office.

“By acquiring the tour operator from Orbis and investing in the Orbis Travel brand we continue the consolidation of the Central European tourism industry, which we initiated with our acquisition of Novaturas. Once we have completed the company’s restructuring project, which has been underway since 2007, and thanks to its cooperation with Novaturas, Orbis Travel will be able to offer Polish customers a uniquely attractive and affordable range of services. We strongly believe that the operating synergies in product development and purchasing that come with being part of a large Central European tour operator group will enable Orbis Travel to rapidly improve its effectiveness and profitability,” said Sebastian Król, a partner at Enterprise Investors.

“This transaction is evidence of the Orbis Group’s refocus on its core segment, hospitality. Our strategy is to expand further in the economy hotels segment with our Etap and Ibis brands and to finalize the convergence of the Orbis hotels to the requirements of the well-known Accor brands. The recent weak financial performance of our non-core tour operating arm prompted our decision to divest Orbis Travel. Crucially, the new investor has unmatched experience in the tour operating business and will continue the tourism activities under the Orbis Travel brand,” said Jean-Philippe Savoye, president of Orbis SA.

In November 2007, PEF VI became the majority shareholder of Novaturas in a €40 million deal. Novaturas is the largest tour operator active in Lithuania, Latvia and Estonia, with a leading position on each market (over 50%, 30% and 30% respectively). The Group has an excellent reputation and offers a range of quality travel packages that far surpasses that of its competitors. Novaturas served 150,000 tourists last year.

Orbis Travel (PBP Orbis Sp. z o.o.) is one of the largest Polish tour operators and a strong, well-known Polish brand. It was formerly part of Orbis SA, the Polish listed hotels operator controlled by Accor. Orbis Travel offers the full range of tourism and travel services for individual as well as corporate clients, and each year serves more than one million people
and 2,000 companies.

Orbis SA is the largest company in the hospitality industry in Poland and the CEE region. Orbis Hotel Group manages 63 hotels with a total of 12,000 rooms, marketed under the Etap, Ibis, Mercure, Novotel, Sofitel, Holiday Inn and Orbis Hotels brands.
The Group also operates Orbis Transport, which offers international coach transport and car leasing. Orbis SA’s strategic partner, Accor, is the leader of the European hospitality industry. Accor manages 4,000 hotels and more than 500,000 rooms in 90 countries.