Aureos Latin America Fund has acquired a 40% interest in Peru’s leading tour operator company, Condor Travel S.A.C. as part of a management buyout in which Sammy Niego, CEO of the company, has increased his participation to 51%.
This landmark transaction in the Peruvian market is the Aureos Latin America Fund’s tenth investment in Latin America and its second in Peru.
The Aureos Latin America Fund is an initiative of Aureos Capital, a private equity fund management company specializing in investing in small and medium sized businesses in emerging markets.
With 34 years of operations, Condor Travel is the leading inbound tour operator in Peru, assisting more than 30,000 tourists from around the world every year. In addition to its Peruvian operations in Lima and Cuzco, Condor has franchises in Ecuador, Bolivia, Chile, Argentina and Brazil, and representative offices in Japan, USA, India, Australia and Russia. In addition, its outbound unit has shown impressive growth in recent years, positioning the company among the leading companies in this segment.
“Tourism has always been a sector of particular interest for Aureos, especially in Peru which has a broad range of attractions, including Machu Picchu which was voted one of the world’s new seven wonders and celebrates the centenary of its rediscovery this year," says Hector Martinez, Investment Principal of Aureos Peru Advisers. "Condor Travel is an outstanding platform to capitalize on the considerable opportunities presented by the growth of tourism in Peru and the rest of the region. We look forward to working with the management team to make the company the first port of call when visiting Latin America.”
