AXA Private Equity has participated in the EUR20m capital increase of the online travel agency Bravofly.
Proceeds of the fundraising have been used to finance the acquisition of Rumbo, a Spanish online travel company.
Founded in 2004, Bravofly allows internet users to search, compare and book airline tickets from low-cost and traditional carriers worldwide. Since AXA Private Equity’s first investment in 2010, Bravofly’s global turnover has more than doubled.
The acquisition of Rumbo allows Bravofly to consolidate its positioning and reinforce its presence in over 20 countries worldwide. With the acquisition of Rumbo, the group has now reached a global turnover of around EUR1bn in 2012.
Francesco Signoretti, chief executive of Bravofly, says: “Rumbo is an excellent opportunity to boost our European development. Through its investment, AXA Private Equity has reasserted its role as our long-term partner and its ability to support our company throughout the different growth stages.”
Laurent Foata, head of innovation and growth at AXA Private Equity, says: “Bravofly has demonstrated its ability to become a key player in the online travel market. Our reinvestment highlights our long term commitment to work with European SME’s and entrepreneurs to support their growth and build leading market positions.”
