Springwater Capital is going to be the new owner of Kompas Travel Agency, Slovenia’s oldest travel company, following a contract signed in Zagreb between the Madrid-based investment fund and the Croatian group Fortenova, current owner of Kompas.
The signing of the contracting of Kompas Ljubljana and Kompas Poreč comes after the new owner already notified the Slovenian Competition Protection Agency on the planned takeover days ago through its Luxembourg affiliate Special Sits General Partner.
The regulatory approval is the only formal condition still pending for the transaction to be finalised.
Announcing the signing of the contract, Fortenova refrained from disclosing the value of the deal.
Established in 1951, Kompas remained under Slovenian ownership until 2006 before being passed on to Croatia’s Adriatica.net and afterwards to Agrokor, which has since declared insolvency with Fortenova, taking over its valuable assets.
Kompas has a market share in excess of 20% in Slovenia and Croatia.
In its press release, Fortenova noted that Kompas is one of the oldest and largest tour operators in the Adria region and the largest destination management company in the region of the former Yugoslavia.
Employing around 600 staff, last year, Kompas served around 1.2 million customers, accounting for more than six million nights at tourism accommodation facilities.
According to Fortenova, Springwatwer Capital specialises in investment in tourism, spanning across Spain, Portugal and Belgium. It constitutes Spain’s fourth largest travel company, as well as the largest travel agency network in Portugal.
“With this transaction, Fortenova Group will largely complete the process of exiting its tourist investments that accounted for a significant part of our non-core business, which we have been successfully disposing of throughout the course of this year. We are very pleased to have found an excellent strategic partner for the Kompas network’s portfolio and employees, with very strong expertise and knowledge of tourist operations, and who will be looking to further invest and grow the business. As such, I believe this transaction will have significant positive benefits to the existing business and employees who, on behalf of the Fortenova Board and Executive Directors, I would like to thank for all their hard work and dedication in what has been an extremely challenging year in the tourism sector.
“For Fortenova, as already communicated, exiting non-core investments enables us to focus on strengthening all the parameters of our core businesses – retail, food and agriculture, and streamline our organisational and management structures”, said James Pearson, Fortenova Group’s Chief Financial Officer. /ibna