Triton to acquire Corendon through Sunweb

Deal brings travel brands Corendon and Sunweb together

STOCKHOLM, AMSTERDAM - The Corendon Holiday Group (Corendon), a leading Dutch tour operator and airline in The Netherlands and Belgium, have signed an agreement to sell their activities to Triton. Triton is to acquire the activities of Corendon through Sunweb Group (Sunweb), a Triton Fund V portfolio company. Final agreement is still subject to employee consultation procedures and the transaction is subject to regulatory approvals. Terms of the transaction are not disclosed.

Acquisition of Corendon

Founded in 2000 by Atilay Uslu and Yildiray Karaer, with more than 515 million euro in turnover in 2018, Corendon creates fully integrated holiday experiences for more than 750,000 customers a year in the Netherlands and Belgium. The company started as a travel agency and developed into a tour operator. In 2005 Corendon launched Corendon Airlines International in Turkey, in 2011 Corendon Dutch Airlines in Holland and in 2017 Corendon Airlines Europe at Malta. Besides the travel company Corendon also opened several hotels in Turkey, The Netherlands, Ibiza and Curaçao.

The signed agreement with Triton consists of the Corendon tour operating activities in Holland and Belgium, the back-office in Turkey and Corendon Dutch Airlines. It also includes Corendon´s brands Karin’s Choice, Maris Life, Stip Reizen, and GOfun. The airline in Turkey and Malta and the hotels of Corendon Hotels & Resorts are not part of this acquisition. Mr. Uslu will become a member of the nonexecutive board of the future combined travel company.

Merger of Corendon and Sunweb

Triton became majority shareholder of Sunweb Group earlier this year. The acquisition of Corendon is the first deal for Sunweb under the new ownership, and it will contribute to taking the travel company to a next level. This deal brings the travel brands Corendon and Sunweb together under Triton´s support. Both companies share the same online-driven, customer-focused strategy. Both companies are strong in sun and beach holidays and the major destinations of Corendon and Sunweb complement one another. The combined company will take advantage of the innovative power and the entrepreneurial DNA for which they are both known. The enhanced scale and financial strength will accelerate digital and concept innovation and create a more appealing product offering and a more unique and distinctive customer experience. The merger will create opportunities to build scale towards multiple destinations across a larger client base, with a mix of owned and external airline capacity in multiple source markets.

From an organizational-, consumer- or brand- perspective neither Corendon nor Sunweb will see immediate changes. Operations will continue as usual and similarly, there will be no change in the current respective management or company structures. Also, service delivery as well as the collaboration with business partners of both companies will continue to operate as usual.

On the picture in order from left to right: Julie Kaufmann, Triton Bas Rasker, Corendon Miikka Ahokas, Triton Gert de Caluwe, Sunweb Atilay Uslu, Corendon Per Agebäck, Triton Steven van der Heijden, Corendon Yildiray Karaer, Corendon




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