VIA Travel
Country: Norway
Investors: FSN Capital
FSN Capital’s investment in VIA Travel shows how the private equity model can transform an underperforming business into a clear leader in its market. In 2005, VIA Travel was one of the large corporate travel management companies in the Nordic region, but had shown limited organic growth over recent years.
The company was taken private by FSN in 2005, and has since grown impressively to become the largest player in the Nordic market, and expanded into other regions. A total of 11 add-on acquisitions were completed, bringing employee numbers to 1,500 and the number of offices to 120, before the business was sold to a subsidiary of Expedia Inc., creating the world’s fifth largest travel management company in 2012.
Frode Strand-Nielsen
Managing Partner - FSN Capital
Together with management, we transformed VIA Travel from a regional player to a leader in the Nordic market, lifting customer and employee satisfaction.
11
add-ons completed and integrated
5th
largest global travel management company
What did the business need?
Improve margins through streamlining operations
Consolidate a fragmented market
Improve online adoption and sales focus
How did private equity backing create lasting value?
Reorganisation of the sales force
Acquisition and integration of 11 add-ons
Divestment of non-core assets
Expansion into new markets such as Finland and the Philippines
Investment in technology, particularly in the online and mobile space, driving increased online adoption and bookings
What outcomes did private equity investment achieve?
Fastest growing Nordic travel management company, with EBITDA and margins growing from NOK81m to NOK204m, and 14% to 26%, respectively
VIA Travel now the leading Nordic travel management company in the Nordic region
Exited to Egencia, an Expedia Inc. company, to create fifth largest corporate travel management company in the world
Investors
