The Abraaj Group, an investor that works in global growth markets, announced the signing of an agreement on Tuesday, to exit its stake in Condor Travel S.A. to The Carlyle Group.
“Our investment and partnership with Condor Travel helped create a leader in the Peruvian tourism market,” Hector Martinez, managing director of Abraaj’s Peru office, said. “Focusing on best in class service standards, new product offerings and a robust operations platform, the company has built a strong reputation as a reliable and trusted tour provider, with an unparalleled focus on sustainability and local stakeholder engagement. Condor Travel is well-positioned to maintain its market-leading status in the high-growth Peruvian tourism sector and we wish the company every success for the future.”
The exit marks the first secondary private equity sale in Peru and Abraaj’s fourth exit from ALAF I in the last 12 months.
“Abraaj played a highly instrumental role in growing Condor Travel’s business, and our partnership over the last five years created many value-additive opportunities,” Sammy Niego, CEO of Condor Travel, said. “We are grateful for Abraaj’s strategic advice, innovative ideas and operational expertise, which enabled us to develop tailored package offerings that took advantage of emerging market sentiments and travel trends. We would like to thank Abraaj for their support and look forward to the next chapter in Condor Travel’s journey.”
The transaction is expected to close by the end of September.
