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Abraaj Group exits Peru with selling of Condor Travel

Staff writer |
The Abraaj Group signed an agreement to exit its stake in Condor Travel S.A. to The Carlyle Group.

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The exit, through Abraaj’s Latin American Fund, ALAF I, marks the first secondary private equity sale in Peru, and Abraaj’s fourth exit from ALAF I in the last 12 months. The transaction is expected to close by the end of September.

Established in 1977, Condor Travel operates two major divisions – inbound tourism as a tour operator and outbound tourism providing travel agency and corporate services.

The company is organised through a subsidiary in Chile, franchises in Brazil, Ecuador, Bolivia and Argentina, and sales representation offices in the United States, Japan, Dubai, Portugal, Australia, Russia and India.

Over the course of Abraaj’s investment, the Group has helped Condor Travel expand its service offerings and enhance its regional footprint. Innovative services introduced include Condorlink, an online booking service for travel agencies abroad, and new travel packages such as ‘Infinity’ and ‘Liv’, aimed at premium, adventure and carbon-neutral travellers.

The diversification of services offered, in addition to the establishment of a new subsidiary in Chile, helped increase Condor Travel’s sales globally, and augmented its reputation as the leading specialty operator for tourists to Peru.

In 2014, Condor Travel served over 40,000 customers representing a 55% increase in customer traffic from 2010. In the same period, the average spend per customer increased by 56%.

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