Enterprise Investors exits Novaturas

Polish Enterprise Fund VI (PEF VI), a private equity fund managed by Enterprise Investors, has signed an agreement to sell Novaturas, the leading tour operator in the Baltic region. The buyer, Itaka Holdings, is the largest travel company in Poland and the top tour operator in Central and Eastern Europe.

The value of the potential transaction has not been disclosed;
The transaction is conditional upon obtaining antimonopoly approval in Lithuania.

In 2007 PEF VI paid EUR 40 million for a 71% stake in Novaturas, investing in the company’s further growth. Today Novaturas is the leading travel operator in Lithuania, Latvia and Estonia. Its reliability and reputation, coupled with the Baltic States’ good macroeconomic position and growing consumption, have helped Novaturas become the number one market player in the region. The company offers a wide range of products including package holidays, sightseeing tours and skiing trips. Its diversified destination portfolio covers all trending holiday spots such as Turkey, Spain, Canary Islands and Greece, as well as winter retreats in Italy and France. In 2016 Novaturas generated EUR 102 million in revenues.