CapMan has sold its stake in Matkatoimisto Oy Matka-Vekka, a Finnish travel agency chain, to Icelandic group Heimsferdir EHF. Financial details were undisclosed.
Matkatoimisto Oy Matka-Vekka was founded in 1972 and is a Finnish travel agency that organises and sells cruises, package tours and long-distance flights. Matka-Vekka’s turnover in 2005 was €60.9m, and the company has some 260 employees.
CapMan Partner Jukka Järvelä, says: “Matka-Vekka has achieved the strategic objective that was set for the company – to be Finland’s leading leisure travel agency chain. During the past two years the company’s profitability has risen among the best in the travel industry, and its current network of 50 sales offices reaches the majority of Finnish consumers of travel agency services.”
CapMan funds Finnventure IV and Finnmezzanine II acquired Matka-Vekka with the company’s operative management in 1999. CapMan funds’ holding in the company was 75.3% prior to the exit.