Etraveli Group, a leading global flight technology platform, has announced it has welcomed KKR as a significant minority investor alongside CVC Capital Partners – who originally acquired the company in 2017.
The strategic partnership between CVC and KKR marks the beginning of an exciting new chapter for Etraveli Group and reinforces its position as the world’s largest flight intermediary and fulfilment company outside of China. Financial details of the transaction have not been disclosed.
KKR, a global investment firm will work alongside CVC to support Etraveli Group in its continued global expansion.
This move will see the two investors join forces to provide strategic expertise and global reach to guide the company through its next phase of growth.
The group, headquartered in Stockholm, Sweden, recently renewed its long-standing partnership with Booking.com through a new eight-year agreement.
This partnership has run since 2019 and sees Etraveli Group’s flight technology power Booking.com’s global flight offerings.
More news coming out from the European OTA Etraveli Group is that is has now launched a new Fintech division, debuting with Precision – an advanced risk management solution designed to combat fraud in the travel industry while supporting increased sales.
Said to be built on capabilities that have helped propel the company to its market-leading position, Precision is now being made available to airlines and travel agencies worldwide.
Mathias Hedlund, CEO of Etraveli Group, said: “This is another landmark moment for Etraveli Group. Welcoming a new investor in KKR strengthens our global position and marks the next chapter in our efforts to bring innovation and expertise to facilitate flight purchases for customers around the world.
“Together with CVC and KKR we look forward to accelerating the expansion of our global B2B Flight Tech Platform and continuing to deliver smart, seamless travel solutions together with our partners.”
Blaine MacDougald, partner and co-head of the Strategic Investments Group at KKR, said: “Etraveli Group has established itself as a clear global leader in flight technology with a unique platform, deep industry integration and a strong track record.
“We are pleased to partner with the Etraveli leadership team and CVC to deliver a tailored capital solution that will help support the Etraveli Group’s continued expansion and innovation.
“This investment builds on KKR’s commitment to backing European champions and contributing to the growth of high-quality, tech-enabled businesses.”
Lorne Somerville, chairman of Etraveli Group and a managing partner of CVC, and Gustaf Martin-Löf, partner, added jointly: “Mathias and his team have built a world-leading e-commerce platform for flights and it has been an absolute pleasure to have supported them over the past eight years, delivering significant growth for Etraveli Group.
“We look forward to continuing our involvement with the business as a joint shareholder with our new partners at KKR and we’re excited to embark on the next phase of the journey with the company.”
