Kuoni acquires Kontiki-Saga Reisen AG
The Deal
Kuoni acquires Kontiki-Saga Reisen AG.
The Kuoni Group has taken a further step in its declared acquisition strategy within the specialist travel segment: Kuoni Switzerland has acquired Kontiki-Saga Reisen AG, the Swiss market leader for travel to Northern Europe. The acquisition enables Kuoni to further expand its leadership of the Swiss travel market.
Kontiki has been operating in Switzerland for 30 years, and is the market leader for travel to Scandinavia, Finland, Greenland and Iceland. The company offers vacations and tours to Northern Europe all year round, and also combines these with the famous Hurtigruten coastal shipping services. Kontiki-Saga Reisen AG generated turnover of some CHF 40 million last year with a workforce of around 40 employees.
The Kontiki brand, which already enjoys a strong reputation in the Swiss market, will be retained under Kuoni ownership. Kontiki-Saga Reisen AG will join Kuoni Group as an independent subsidiary and will continue to be operated by its existing management. Thus Kontiki-Saga Reisen AG will continue to enjoy small business advantages while drawing all the benefits of membership of a major group.
The Background
Over the past two years, Kontiki-Saga Reisen AG's Board of Directors has carefully reviewed various options for ensuring our company's successful positioning in a travel market which is changing at lightning speed.
The Board reached the conclusion that Kontiki-Saga Reisen AG can continue to enjoy sustainable success if it serves its clearly confined fields of business with unique products and very high efficiency, in existing and, possibly, new markets.
The integration of Kontiki-Saga Reisen AG into the market leading Kuoni Group opens new prospects for development and will also provide numerous synergies in the sales, distribution, IT and purchasing areas.
The Team
The Corporate Finance Team consisted of Stephan Hitz, Engagement Partner and Roland Keusch from Hitz & Partner Corporate Finance as well as Dr. Peter Blöchlinger, lawyer from Eichenberger, Blöchlinger & Partner.
Quote by Prof. Dr. Walter Hugentobler, Chairman of Kontiki-Saga Reisen AG:
„The owners of Kontiki-Saga Reisen AG, who are identical to the members of its Board of Directors, are firmly convinced that this important, strategic decision will guide the company towards a successful future“.
Quote by Armin Meier, CEO of the Kuoni Group:
„Our acquisition of Kontiki provides Kuoni Switzerland with access to destinations in Northern Europe that have hardly figured before in our product offer,” says Armin Meier, CEO of the Kuoni Group. “It also underscores our overall Group strategy of expanding our activities in promising niche markets“.