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Fortenova Group nurtures open and transparent communication

Springwater Capital to acquire Fortenova Group's Kompas network

11/11/2020

Fortenova Group and Springwater Capital (“SWC”) signed an agreement on the sale and purchase of Kompas d.d. Ljubljana and Kompas d.o.o. Poreč.

The Kompas network is one of the oldest and largest tour operators organising individual and group travel in the Adria region, and the region’s largest destination management company. In 2019, more than a million travellers used the wide range of the Kompas network’s tourist services, having realized over six million overnight stays.

SWC has a deep investment expertise in the tourism sector with investments in Spain, Portugal and Belgium: this includes Spain’s fourth largest company in the travel sector, as well as the largest travel agency network in Portugal.

“With this transaction Fortenova Group will largely complete the process of exiting its tourist investments that accounted for a significant part of our non-core business, which we have been successfully disposing of throughout the course of this year. We are very pleased to have found an excellent strategic partner for the Kompas network’s portfolio and employees, that has a very strong expertise and knowledge of tourist operations, and who will be looking to further invest and grow the business. As such I believe this transaction will have significant positive benefits to the existing business and employees who, on behalf of the Fortenova Board and Executive Directors, I would like to thank for all their hardwork and dedication in what has been an extremely challenging year in the tourism sector.

For Fortenova, as already communicated, exiting non-core investments enables us to focus on strengthening all the parameters of our core businesses – retail, food and agriculture, and streamline our organisational and management structures” – said James Pearson, Fortenova Group’s Chief Financial Officer.

The transaction will be formally closed following the approval of the concentration of SWC and Kompas by the Slovenian Market Competition Agency.

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