(Press Release) Global alternative asset manager The Carlyle Group (NASDAQ: CG) today announced it has agreed to acquire two established Peruvian tourism companies, Nuevo Mundo Viajes and Condor Travel, and merge them to create a regional tourism platform. Nuevo Mundo is the chief outbound tour operator in Peru and Condor Travel is a prominent inbound tour operator in Peru. Equity for the transaction will come from the Carlyle Peru Fund. Financial terms of the transaction, which is expected to close in September, were not disclosed.
By acquiring 80 percent of each of the Peruvian entities, Carlyle will become the controlling shareholders of the newly-created holding company. The current CEOs and management teams for Nuevo Mundo Viajes and Condor Travel will stay on as strategic partners. Carlyle has previously invested in the tourism sector through its portfolio company, CVC Brazil Operadora y Agencia de Viajes, which has more than 2.5 million clients.
Marco Peschiera, Managing Director and Head of the Carlyle Peru Fund, said, “Carlyle is committed to Peru’s long term progress and development, and through this investment we are contributing to the countries’ service sector growth. The synergies between the two companies marks a milestone in national and regional tourism.”
Eduardo Ramos, Director of Carlyle Peru Fund, added, “We are excited to invest in Nuevo Mundo Viajes and Condor Travel because of their growth potential and the opportunity to partner with the best management in the region. With the help of company leaders Juan Portugal and Sammy Niego we are well positioned to achieve our goals.”
Juan Portugal, General Manager of Nuevo Mundo Viajes and future Chairman of the Board of the new holding company, said, “The tourism sector continues to grow in the region and it’s necessary to have partners like Carlyle with the vision of combining two complementary businesses to further strengthen the sector. This new platform will help us achieve our objectives by strengthening our relationships with suppliers and customers.”
Sammy Niego, CEO of Condor Travel and future CEO of the new holding company, said, “We have been promoting our high quality products and services successfully on five continents for decades. And now, together with Nuevo Mundo and Carlyle’s expertise and global reach, we are well positioned to grow locally and internationally. We are excited about this new stage.”