eDreams ODIGEO (the ‘Company’) welcomes strong investor support with the sale of Ardian’s stake in the company. Ardian has notified the Company that it has placed all of its ordinary shares in the Company with institutional investors, representing 15.6% of the Company at the close of business on 8 December 2022.
Ardian has been a shareholder of the Company for the last twelve years and assisted the Company’s growth and transition to a subscription-based business. Ardian’s decision to exit is driven by legal obligations linked to the relevant fund coming to the end of its term.
Permira, who holds 25.1% of the ordinary shares in the Company, will continue being an extremely supportive shareholder.
Dana Dunne, CEO of eDreams ODIGEO said: “We are very pleased with the strong support we have had from investors who wish to participate in our exciting future. We have consistently outperformed both the industry and our peers for the last two years and have a superior, unique proposition through our subscription product, Prime. Since launching Prime, eDO has become a higher quality business with a loyal customer base which delivers a predictable, recurring revenue stream and sustainable customer relationships, together with the associated ensuing financial benefits. We are very well positioned to continue to revolutionise the industry and have huge potential which will drive superior returns for shareholders and excellent service for customers.
We are well on track to meet our self-imposed targets by the fiscal year 2025: Cash EBITDA in excess of €180 million, greater than 7.25 million Prime members (3.8 million until 8th November 2022) and Average Revenue per User (ARPU) of €80.”
We also thank Ardian for their support over the last twelve years. They have been exceptional shareholders always adding value and greatly assisting us as we transitioned to our very successful subscription model.”
Benoît Vauchy, Partner of Permira said: “We have been very impressed with what eDreams ODIGEO has achieved in recent years, in particular transitioning from a traditional OTA to a subscription-based business at the same time as navigating the COVID-19. We are encouraged by the company’s most recent results and progress against their three year targets. We believe eDreams ODIGEO has large potential and we are delighted to continue supporting them on their journey.”
Lise Fauconnier, Managing Director of Buyout Activity of Ardian said: “eDreams ODIGEO is a remarkable business with significant growth prospects and an excellent management team. We are proud to have supported the company as it made its transition to a subscription model and wish the management team and its shareholders every success with the next phase of growth. The fund in which this investment is held is coming to the end of its term and will be closed following the completion of the divestment.”
About eDreams ODIGEO
eDreams ODIGEO is one of the world’s largest online travel companies and one of the largest e-commerce businesses in Europe. The business is the largest player worldwide in flight revenues, excluding China, and the largest in Europe. Under its four leading online travel agency brands – eDreams, GO Voyages, Opodo, Travellink, and the metasearch engine Liligo – it serves more than 17 million customers per year across 44 markets. Listed on the Spanish Stock Market, eDreams ODIGEO works with over 690 airlines and +2.1 million hotels. The business conceptualised Prime, the first subscription product in the travel sector which has attracted (until 8th November 2022) 3.8 million members since launching in 2017. The brand offers the best quality products and the widest choice of regular flights, low-cost airlines, hotels, dynamic packages, cruises, car rental services and travel insurance products to make travel easier, more accessible, and better value for consumers across the globe.
About Permira
Permira is a global investment firm that backs successful businesses with growth ambitions. Founded in 1985, the firm advises funds with total assets under management of €60bn+ and makes long-term majority and minority investments across two core asset classes, private equity and credit. The Permira private equity funds have made approximately 300 private equity investments in four key sectors: Technology, Consumer, Healthcare and Services.
The Permira funds have an extensive track record in technology investing, and have backed and partnered to scale some of the largest and fastest growing product-obsessed technology and tech-enabled services companies globally.
About Ardian
Ardian is a world leading private investment house, managing or advising $140bn of assets on behalf of more than 1,400 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks and family offices worldwide. Ardian is majority-owned by its employees and places great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 990+ employees, spread across 15 offices in Europe, the Americas and Asia, are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility. At Ardian we invest all of ourselves in building companies that last.
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