Private equity firm Bridgepoint Development Capital (BDC) has just sailed away with Europe's largest online cruise travel agency. <\/p>\n
The firm's portfolio company Cruise.co has agreed to acquire Germany's Kreuzfahrtberater in a deal worth 25m (22.33m), creating a combined company with cruise sales of around 250m. <\/p>\n
BDC is banking on a major expansion in the cruise market over the next few years, with a total of 65 new ships set to enter the market. Virgin and hotel group Ritz Carlton have also recently announced they will make debuts in the space. <\/p>\n
Read more: All aboard: The world's largest cruise port operator has unveiled its IPO price <\/p>\n
Both [Cruise.co and Kreuzfahrtberater] share a passion for the sector, have great staff and the technology required to deliver great service, said Cruise.co chief executive Seamus Conlon. <\/p>\n
This transaction allows us to diversify our business by moving into a new large cruising market and represents a major step forward in Cruise.co achieving its strategic aim of becoming the leading pan-European cruise online travel agency. <\/p>\n
The UK ocean cruise market totalled 1.89m passengers in 2016, while the German market boasted 2.02m. <\/p>\n
Read more: Londoners could save thousands of pounds by swapping their flat in the city for a year-long cruise <\/p>\n
BDC has owned Cruise.co for around a year, having paid 52m for the company. The business was formed 10 years ago when Seamus Conlon led a management buyout from Miami-based cruise company Carnival Corporation in 2007, when its turnover was 18m. <\/p>\n
Kreuzfahrtberater is particularly strong in its technology offering, and has more than 60 staff. Its three founders will reinvest significantly in the combined business. <\/p>\n
The new company will operate four websites Cruise.co.uk, Cruises.uk, Kreuzfahrtberater.de and Seascanner.com which together will have combined annual traffic of more than 37.5m visits. <\/p>\n
Read more: Vehicle rental company backed by Bridgepoint to announce takeover of Coca-Cola truck provider <\/p>\n
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Sailing the high seas: Bridgepoint Development Capital has just created Europe's largest online cruise travel agency ... - City A.M.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Private equity firm Bridgepoint Development Capital (BDC) has just sailed away with Europe's largest online cruise travel agency. The firm's portfolio company Cruise.co has agreed to acquire Germany's Kreuzfahrtberater in a deal worth 25m (22.33m), creating a combined company with cruise sales of around 250m. BDC is banking on a major expansion in the cruise market over the next few years, with a total of 65 new ships set to enter the market Continue reading