By Staff writer
Company says it has signed an agreement with Carlyle Group; marks first secondary private equity sale in Peru
Dubai-based Abraaj Group has announced the signing of an agreement to exit its stake in Condor Travel to The Carlyle Group.
The exit, through Abraaj's Latin American Fund, marks the first secondary private equity sale in Peru, and Abraaj's fourth exit from the fund in the last 12 months. The transaction is expected to close by the end of September.
Over the course of its investment, Abraaj said it has helped Condor Travel expand its service offerings and enhance its regional footprint.
The diversification of services offered, in addition to the establishment of a new subsidiary in Chile, helped increase Condor Travel's sales globally, and augmented its reputation as the leading specialty operator for tourists to Peru, Abraaj said in a statement.
In 2014, Condor Travel served over 40,000 customers representing a 55 percent increase in customer traffic from 2010. In the same period, the average spend per customer increased by 56 percent, it added.
Hector Martinez, managing director of Abraaj's Peru office said: "Our investment and partnership with Condor Travel helped create a leader in the Peruvian tourism market.
"Condor Travel is well-positioned to maintain its market-leading status in the high-growth Peruvian tourism sector and we wish the company every success for the future."
Abraaj has been investing in the Pacific Alliance countries of Colombia, Mexico and Peru since 2008, across a range of sectors including retail, tourism, technology, food and beverage, and consumer goods.
In Peru, Abraaj exited its investment in leading Latin American retail company Iasacorp last year, and currently holds stakes in well-known restaurant group Acurio Restaurantes and light logistics and courier service provider Urbano.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.