Information on the Target

Founded in 2007, Vola.ro has rapidly established itself as a leading player in the Romanian travel market. The company has continually expanded its operations and service offerings through innovative solutions. Vola.ro has received numerous prestigious awards, including three consecutive wins in the Deloitte Technology Fast 50 ranking for the fastest-growing technology business in Central and Eastern Europe. In 2024, it was recognized by Mercury Research as the most trusted and frequently used online travel agency in Romania.

Vola.ro serves as an inspiration and partner for the Polish company FRU.pl, which has also gained significant recognition in the online travel agency sector in Poland. FRU.pl is particularly known for its wide range of low-cost flight offerings and extensive travel options. The company has been strategically building its leadership position for 17 years through continuous innovation, expansion of its services, and a keen understanding of customer needs, demonstrating its adaptability to the rapidly changing travel market while fostering customer loyalty.

Industry Overview in Romania

The Romanian travel industry has witnessed significant growth in recent years, driven by an increase in both domestic and international tourism. The rise of online travel agencies has transformed the way consumers book their travels, propelling companies like Vola.ro and FRU.pl to new heights. With the growth of digital technology, consumers now have easier access to travel information and bookings, empowering them to make informed decisions.

As the market evolves, Romanian travel agencies are focusing on expanding their services beyond standard flight and hotel bookings. There is a growing emphasis on personalized travel solutions, which cater to the diverse needs of travelers, including special packages, flexible booking options, and real-time customer support.

The COVID-19 pandemic initially disrupted the travel sector, leading to a decline in bookings; however, the industry has shown resilience and is bouncing back. Travel agencies are now adapting to new consumer behaviors, such as increased demand for flexible cancellation policies and enhanced health and safety measures, which are becoming essential selling points.

Furthermore, the integration of technology into the travel planning process is reshaping the competitive landscape. Companies are increasingly leveraging AI and data analytics to enhance customer experiences and streamline operations. This trend indicates that the future of the travel industry in Romania will rely heavily on innovation and technological advancements.

The Rationale Behind the Deal

The acquisition of stakes in Vola.ro by Resource Partners aims to support a management buyout led by the Romanian team, positioning Romania as a crucial entity within the group. This strategic move lays the groundwork for a new phase of development and innovation for the company. The sustained leadership of Daniel Truică as CEO, along with the existing management team, will ensure continuity in executing the growth strategy that has proven successful thus far.

This transaction marks a new chapter for the company, focusing on growth and expansion into new European markets. It underscores institutional investors’ confidence in the business model and future prospects of Vola.ro and FRU.pl, reinforcing their mission to simplify booking processes through technology and innovative products.

Information About the Investor

Resource Partners is an independent private equity investor founded in 2009 by a team of experienced managers who previously led similar investments in leading regional and international financial institutions and funds. They have successfully raised three generations of investment funds, accumulating over 500 million EUR in total capital. This capital has been invested in 17 companies and additional transactions, alongside achieving 11 exits from investments.

The firm specializes in investing in rapidly growing companies with experienced management teams. Resource Partners aims to support these companies through their expertise in managing organic growth, expanding internationally, and pursuing acquisitions, ensuring they achieve their ambitious objectives in an evolving market.

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This transaction represents a promising opportunity for both Vola.ro and Resource Partners. With the online travel market continuously evolving, the partnership with Resource Partners positions Vola to leverage additional resources for innovation and expansion. The company’s strong reputation and established customer base provide a solid foundation for further growth, especially as travel demand revives.

Moreover, the commitment of the current management team to stay with the company indicates a potential for consistent strategic direction, which could be beneficial in navigating future market challenges. Their focus on adapting to customer needs through personalized offerings aligns well with global trends in the travel industry.

However, the travel sector is not without risks, particularly with potential economic fluctuations and changing consumer behavior post-pandemic. The success of Vola and FRU.pl will largely depend on how effectively they can differentiate themselves from competitors and respond quickly to new market demands. Nevertheless, given the investor's track record and the target's growth potential, this investment seems well-calculated.

In conclusion, the collaboration between Resource Partners and Vola/ITH has the potential to catalyze significant progress in the Romanian travel market, making this deal a strategic move that could yield positive outcomes in the long term.

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