Permira books online travel agent eDreams into portfolio

The acquisition represents an exit for private equity firm TA Associates, which bought the Spanish company in 2006 for €156m.

eDreams was founded in 1999 and operates predominantly in Spain, Italy and Portugal and has an increasing presence in the rest of Europe. It runs a multi-channel marketplace that connects travel suppliers, such as airlines, hotels and car rental companies, with end-customers and other travel agents.

The deal is said to have been financed with around €100m in debt, signaling the far higher levels of equity used in deals compared to three years ago, before banks tightened their credit lines.

Carlos Mallo, head of Permira Spain, said, “eDreams is a fast-growing business operating in a highly attractive market place. It has performed well through the downturn and has great potential for continued expansion as well as representing an excellent platform for the expected market consolidation in Europe.”

Permira portfolio company Birds Eye Iglo bought frozen food business Findus Italy from Unilever for over €800m earlier this month.

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