Travelstart Completes Acquisition of Club Travel Group
CAPE TOWN, 10 October 2019 – Travelstart has completed its acquisition of Southern Africa’s Club Travel Group for an undisclosed sum. The acquisition, which sees Travelstart wholly acquiring the Club Travel Group and its subsidiaries, was first announced in June 2019 and the deal was subject to the approval of South Africa’s Competition Commission. The transaction has now been formally completed and approved.
The acquisition will boost Travelstart's offering by adding Club Travel’s established complementary corporate and franchise divisions to create one of Africa’s largest, full-service travel groups. Club Travel will continue as a standalone company within the Travelstart portfolio. Thebe Tourism Holdings (Thebe), the majority shareholder of the Club Travel Group since 2009, has sold its stake in the Club Travel Group to Travelstart. Thebe and Travelstart have jointly invested in Club Travel Corporate, a level one B-BBEE rated division of the Club Travel Group.
“We are thrilled to officially welcome Club Travel as the newest member of the Travelstart family,” said CEO Stephan Ekbergh. “Together we will continue to concentrate on building the best place for people to plan, book and manage travel.”
Club Travel’s Managing Director and founder Wally Gaynor said, “We are delighted to join Africa’s leading online travel agency and we know that Travelstart’s knowledge and footprint will help us ensure a sustainable future for Club Travel in an increasingly technology-dependent market.”
Africa’s travel and tourism industry is worth an estimated $194 billion and digitisation among consumers is still growing. With the acquisition, Travelstart and Club Travel enter a co-operation which will enable the former to expand its business and reach new customers, and the latter to gain the expertise needed to deliver digital product innovation and remain competitive.
About Travelstart
Travelstart was founded in Sweden in 1999 and pioneered online travel in Scandinavia with two basic principles; using technology to make travel purchases simple and offering customers the best price. In 2006, the company launched in South Africa and became a household name. Travelstart currently does business across several African countries as well as the GCC area with offices in Cape Town, Lagos, Cairo and Dubai. Travelstart has seen double-digit growth and profitability since inception and is backed by Amadeus Capital Partners and HarbourVest. For more information visit, www.travelstart.com.
About Club Travel Group
Club Travel was established in 1987 with the simple philosophy of always giving the client the best deal. Club Travel subscribes to a culture of service excellence which is carried through in the selection of employees who display a passion for people. The company has grown from a single branch into an award-winning travel agency which includes leisure travel, over 400 branded and non-branded franchises and a corporate travel division. The Club Travel Group is committed to meaningful empowerment and transformation in the South African travel and tourism sector. It’s corporate trading subsidiary, Club Travel Corporate, is a Level One B-BBEE contributor, with a 135% procurement recognition. Club Travel’s social investment initiative “Club Cares” is dedicated to community development and upliftment through a wide range of causes. For more information visit, www.clubtravelgroup.co.za.