Holidaybreak takes full control of Germany’s Meininger
HOLIDAYBREAK, the specialist tour operator, has excerised an option to take full control of German group Meininger.
The Indian-owned, Cheshire-based group acquired 50% of Meininger – a student and school tour accommodation busines – in a £31m deal in 2010.
As part of this transaction it was given an option to take full control of ths business – to this end it bought 26% in April 2012 – and has now taken the remaining 24% of the equity.
As a result a new management team has been installed at the Berlin-based company, which last year reported revenues of €43.3m.
New managing director Navneet Bali said: “The acquisition is about long-term growth. To meet our goals, we are immediately analysing opportunities in Paris, Copenhagen, Oslo, Rome, Florence, Venice, Madrid, Barcelona and Warsaw.
“We will furthermore expand in London, Amsterdam and Germany and also continue to look at acquisition opportunities.”
Holidaybreak was taken private in September 2011 by India-based Cox & Kings in a £312m deal.
Peter Kerkar, group chief of Northwich-based Holidaybreak, added: “Our final acquisition demonstrates the confidence and trust Holidaybreak as well as Cox & Kings have in Meininger and its skilled employees. We are also confident that the new team will build on the strength of the existing successes to achieve our objective of making Meininger the leader in Europe and beyond.”
Financial terms were not disclosed.
