Enterprise Investors divests its stake in Novaturas, the largest travel agency in the Baltics, selling to Itaka Holdings as part of a strategic move to bolster growth in the tourism market.

Information on the Target

Enterprise Investors (EI) has confirmed its decision to divest its entire stake in Novaturas, the largest travel agency in the Baltics. This move comes through the Polish Enterprise Fund VI (PEF VI), which has reached a memorandum of understanding to sell its shares in Novaturas to Itaka Holdings, Poland's largest travel organizer, known for its significant presence in the Central and Eastern European tourism market. While the exact value of this potential transaction has not been disclosed, it remains pending approval from the Lithuanian competition authority.

PEF VI originally acquired a 71% stake in Novaturas for €40 million back in 2007, investing further to foster the company's growth. Currently, Novaturas stands as the preeminent travel organizer in Lithuania, Latvia, and Estonia, underpinned by its reliability and reputation. Additionally, the favorable macroeconomic conditions and consumer growth in the Baltic states have solidified Novaturas' market-leading status.

Industry Overview in Lithuania

The tourism industry in Lithuania has seen remarkable growth over the last decade, bolstered by an increase in international arrivals and a rising domestic tourism market. Lithuania's strategic location and rich cultu