MCI swoops on Tatilbudur with Euro 11 million investment
MCI Management is investing Euro 11m to take almost 60% of the shares of Mika Tur, parent of Turkish online travel player Tatilbudur.
According to a statement Tatilbudur is the largest online travel player in the destination and alongside investment from IS Private Equity, 80% of the company has been acquired.
Private equity firm MCI is already an active investor in online travel in Europe with interests in Czech Republic-based Invia as well as participation in funding rounds for Russia-based Travelata and Oktogo.
Tomasz Danis, co-manager of MCI.TechVentures, the fund in charge of the Tatilbudur deal, says the company now plans to apply the knowledge gained from previous investments in the online travel market. He also says MCI will use it, and other online deals, as a ‘springboard’ for further consolidation.
The statement says MCI wants to take the Turkish OTA, which specialises in hotels, to the next level by doubling revenues within three years. Tatilbudur has an annual turnover of about £50m, it adds.
The website is said to attract about 20 million visitors a year.
“We will use Tatilbudur and other e-travel companies in our investment portfolio as a springboard for further consolidation of the market and for strengthening our position as the leader of the e-travel market in Europe.
We will keep increasing the company’s value relying on our previous experience and the growth potential of the Turkish market, which is quickly catching up with more developed countries in terms of online tourist services, such as Poland or the Czech Republic.”
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