SSG buys stake in Cox & Kings subsidiary

According to a statement, the transaction facilitates a complete exit for The Rohatyn Group, which gained exposure to Prometheon in 2013 through the purchase of the portfolio of Citi Venture Capital International (CVCI). CVCI had invested $138 million in Prometheon the prior year.                       

SSG is an existing investor in C&K with a 2.7% stake. C&K will hold the balancing 65.6% interest in Prometheon, which operates a number of European brands expanding into Asia Pacific under the name Holidaybreak. C&K acquired Holidaybreak via Prometheon in a 2011 transaction that valued the company at GBP312 million ($413 million).

Holidaybreak specializes in experiential travel, including educational adventure programs for children and university students. It has expanded into Australia and claims to receive strong volumes of inbound student traffic from China. The company also operates a hotel-hostel unit known as Meininger, which has attracted investment from Russian private equity firm VIY Management.

Established in 1758, C&K is said to be the oldest travel company in the world with operations in 22 countries across four continents. Net income during the 2017 financial year increased 11% to INR7.4 billion ($114 million), while profit gained 10% to INR1.8 billion. The UK unit of Prometheon recorded profit of INR648 million on the year, versus a loss of about INR600 million in 2016.   

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• Topics
• South Asia
• Europe
• Consumer
• Expansion
• Exits
• India
• United Kingdom
• The Rohatyn Group
• SSG Capital Partners