AXA Private Equity, the leading European diversified private equity firm, today announces that it has signed an agreement to acquire GO Voyages, the French online leader in the sale of air tickets.
Following this investment, AXA Private Equity will hold the majority of the equity of GO Voyages alongside the management team and staff, who will have a significant interest in the company.
Groupe Arnault, an existing shareholder, has confirmed its trust in the group’s growth prospects and the quality of its management team by maintaining an equity interest.
With sales of EUR 843 million in the 2009/2010 financial year, up 21% year-on-year, and with more than 2.2 million passengers carried, GO Voyages is France’s leading online vendor of air tickets and operates a multichannel distribution strategy (direct and through intermediaries). Enjoying strong growth, it has just embarked on a diversification program by launching an online holiday offer on the French market.
As part of its strategy of assisting and developing companies over the long run, AXA Private Equity will support GO Voyages’ management team in its last diversification step and in accelerating its growth elsewhere in Europe.
Lise Fauconnier, Managing Director at AXA Private Equity, says: “We will actively support GO Voyages’ management in its growth and diversification plans. GO Voyages’ model is a success in France and we aim to develop it on a European scale both through organic growth and acquisitions.”
Carlos Da Silva and Nicolas Brumelot, co-founders and directors of GO Voyages, add: “We are delighted to welcome AXA Private Equity as a shareholder. The arrival of AXA Private Equity will enable us to accelerate our growth at the European level by actively participating in the growth and consolidation of the various national markets. We also wish to thank Groupe Arnault and the Compagnie Nationale à Portefeuille (controlled by the Frère Group), our shareholders since 2007, who have helped strengthen the independence and success of GO Voyages. In the last three years, the company has doubled its sales and earnings, while strengthening its strategic positioning and market share. Following this strong growth is our common objective together with AXA Private Equity.”
Completion of this transaction is subject to the performance of conditions precedent including the agreement of the competition authorities in certain countries.
The financing of the senior debt has been provided by Société Générale, CIC and HSBC, and the financing of the mezzanine by Five Arrows.
Parties involved:
Buyer:
AXA Private Equity: Lise Fauconnier, Yann Bak, Daniel Setton
Legal/tax counsel: Latham
Legal due diligence: Weil Gotshal Manges
Strategic due diligence: Roland Berger and BCG
Financial due diligence: PWC
M&A counsel: Société Générale
Seller:
For the management:
Financial counsel: Credit Suisse
Legal/tax counsel: Sarrau Thomas Couderc
For CNP and Groupe Arnault:
Legal/tax counsel: Gibson, Dunn & Crutcher LLP
About AXA Private Equity
AXA Private Equity is a leading private equity firm with US$25 billion in managed assets and a global reach extending across Europe, North America and Asia. The firm offers investors the full spectrum of private equity services for every market segment: direct funds, infrastructure financing, mid cap and small cap buyouts, venture capital, co-investments, fund of funds as well as mezzanine financing.
With offices in Paris, Frankfurt, London, New York, Singapore, Milan, Zurich and Vienna, AXA Private Equity supports the development and long-term growth of its portfolio companies with sustainable growth strategies and by granting them access to the AXA international network. AXA Private Equity has earned the trust of its investors by regularly supplying them with transparent performance data on its funds and portfolio companies.
AXA Private Equity, Global Investments the European way
www.axaprivateequity.com
About GO Voyages
Founded in 1997 by Carlos Da Silva and Nicolas Brumelot, GO Voyages is France’s leading online seller of air tickets. GO Voyages also sells holidays and a full range of travel products (dynamic packages, city breaks, hotels, car hire, cruises, etc.). Each month, GO Voyages and its 1,400 partner sites have almost 12 million different visitors, having carried 2.2 million people in 2009/2010.Founded in 1997 by Carlos Da Silva and Nicolas Brumelot, GO Voyages is France’s leading online seller of air tickets. GO Voyages also sells holidays and a full range of travel products (dynamic packages, city breaks, hotels, car hire, cruises, etc.). Each month, GO Voyages and its 1,400 partner sites have almost 12 million different visitors, having carried 2.2 million people in 2009/2010.
Press Contacts
AXA Private Equity
HeadLand Consultancy
Ben Girdlestone
Tél. : +44 (0)20 7367 5243
bgirdlestone@headlandconsultancy.co.uk
Imogen Harvey
Tél. : +44(0)20 7367 5235
iharvey@headlandconsultancy.co.uk
Go Voyages
Nicolas Brumelot
Tél. : +33 1 53 40 45 12
nb@govoyages.com