Last week we learned that Cinven completed the largest Spanish VC deal in recent years by buying Hotelbeds for €1.165M, and Mytwinplace also closed a round led by Inveready.
Cinven buys Hotelbeds for €1.165M from TUI.
Hotelbeds, is a technology platform, based in Palma de Mallorca, which is responsible for dealing between hotels and travel agencies and tour operators.
This operation led by Cinven and the Canada Pension Plan Investment Board (CPPIB) pension fund, represents the disbursement of €1165 million, one of the largest operations carried out in recent years by private equity firms in Spain. To find a bigger deal you would have to go back to 2005, when CVC and the PAI-Permira tandem paid €1,400 million for Cortefiel.
Tui, the Anglo-German tourism group, hitherto owner of Hotelbeds, hung the 'for sale' sign on its subsidiary Hotelbeds at the end of the year to focus on more strategic businesses.
For Cinven, the acquisition of Hotelbeds is its return to the tourism sector, in which it was already present between 2005 and 2010 with Amadeus. Both companies also share similar characteristics: firstly, they represent business models that are difficult to explain to the small investor; Hotelbeds is a bed bank that acts as an intermediary between hotels and travel agencies and tour operators. In addition, both platforms invest a high percentage of their profits in technology.
The new owners of Hotelbeds have set themselves the goal of doubling its size within four or five years, and they will do so by means of mergers and acquisitions from other companies that can bring volume and synergies to the business and thus turn Hotelbeds into one of the main players in the consolidation process expected in this segment.
Cinven, in addition to buying Hotelbeds, this month had already bought Tinsa, the real estate valuation platform, for €300m in Spain.
Mytwinplace closes a €750,000 round led by inveready and sabadell venture capital.
MyTwinPlace is a collaborative travel startup that connects travellers with hosts in over 160 countries for safe, money-free home sharing. Through a collaborative platform, members host community travellers when they have availability, in order to then enjoy free accommodation when they travel.
MyTwinPlace wants to take advantage of the investment to consolidate its presence in countries where they are already strong, such as Spain, France, Italy, the United States and the United Kingdom, as well as to achieve a wider range of destinations. Additionally, they want to continue closing strategic alliances to add value to the traveller beyond accommodation.
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