Media centre

All Group media enquiries should be directed to
Vanessa Maydon, Corporate Affairs Director.

Cinven Partners LLP
Warwick Court
Paternoster Square
London EC4M 7AG

Tel: +44 (0)20 7661 3325
Mob: +44 (0)7802 961 902
Email: Vanessa Maydon

Press releases

Amadeus
8 October 2010

Cinven raises €263 million via sale of part of its stake in Amadeus IT Holding, S.A.

London, 8 October 2010 - European private equity firm Cinven today announces that it has successfully completed the sale of 19.5 million shares in Amadeus IT Holding, S.A. ("Amadeus"), a leading transaction processor and provider of advanced technology solutions for the global travel and tourism industry, at a price of €13.50 per share realising €263 million of gross proceeds for the Third Cinven Fund.

Cinven originated the investment via a public-to-private transaction in 2005 valuing the business at €4.4 billion.  BC Partners and three airline shareholders - Air France, Lufthansa and Iberia - co-invested with Cinven.

Amadeus underwent a significant transformation while in private ownership and as at 31 December 2009 connected over 103,000 travel agencies, upwards of 720 airlines and more than 85,000 hotels and had increased its global market share by 8% to 37%. Its innovative IT solutions business, originally a small contributor to the group, has grown to be the leader in the passenger service solutions market, with a 28% share of revenues by 2009.  During the period of private ownership, over €1 billion was invested in product development. This huge commitment drove the 35% revenue and 62% EBITDA growth that Amadeus experienced over the six years between 2004 and 2009. Performance in the first half of 2010 has continued strongly, with a year-on-year increase in EBITDA of 20%.

Amadeus also generated strong cash flows and continued to reduce leverage throughout the economic cycle. Since its refinancing in May 2007, Amadeus reduced its net debt to EBITDA ratio from 5.4x to 3.6x in December 2009. As of June 2010, the ratio fell further to 2.9x.

Despite a challenging market environment, the company's IPO on the Spanish Stock Exchanges, launched on 29 April 2010 at a price of €11 per share, raised a total of €1.44bn.

Closing on 7 October was €13.87/share, which implies a 26% increase since IPO pricing of €11.00/share and an outperformance versus the IBEX index which grew by 5.6% over the same period.

Following the refinancing in 2007, listing in April 2010 and this sale of shares, Amadeus will have returned 3.6x Cinven's original investment. Cinven will retain a 13.0% shareholding and have agreed an additional lock-up period of 90 days with BC Partners. Air France, Lufthansa and Iberia.and other airline shareholders.

Commenting on the transaction Stuart McAlpine of Cinven said:

"Since listing on the Spanish Stock Exchanges, Amadeus has continued to perform well and attract strong institutional interest.  We retain a 13.0% stake in the business underlining our continued commitment to the company."

Our investment in Amadeus clearly illustrates Cinven's ability to originate compelling European investment opportunities that generate strong returns for our investors."

 

Portfolio company videos

 Clinical Trials

Bioclinica

Clinical Trials

 Travel services provider

Hotelbeds Group

Travel services provider

 Truck component manufacturer

Jost

Truck component manufacturer

 Footwear and accessories retailer

Kurt Geiger

Footwear and accessories retailer

 Contract research organisation

Medpace

Contract research organisation

 Electronic security and alarm systems

Pronet

Electronic security and alarm systems

 Property valuation and advisory services

Tinsa

Property valuation and advisory services

 Ufinet is a neutral telecom operator.

Ufinet

Ufinet is a neutral telecom operator.

 Business services software

Visma

Business services software

Media contacts

Cinven

Vanessa Maydon
Corporate Affairs Director
Tel : +44 (0)20 7661 3325
Mob : +44 (0)7802 961 902
Email : Vanessa Maydon

Clare Bradshaw
Communications Manager
Tel : +44 (0)20 7667 3248
Mob : +44 (0)7881 918 967
Email : Clare Bradshaw

UK - FTI Consulting

Edward Bridges
Tel : +44 (0)20 7269 7147
Mob : +44 (0)7768 216 607
Email : Edward Bridges

Stephanie Ellis
Tel : +44 (0)20 3727 1173
Mob : +44 (0)7890 543 056
Email : Stephanie Ellis

France – FTI Consulting

Guillaume Granier
Tel : +33 (0)1 47 03 68 61
Mob : +33 (0)6 32 65 79 28
Email : Guillaume Granier

Caroline Guilhaume
Tel : +33 (0)1 47 03 68 17
Mob : +33 (0)6 38 91 88 51
Email : Caroline Guilhaume

Germany - FTI Consulting

Lutz Golsch
Tel : +49 (0)69 920 37 110
Mob : +49 (0)173 651 7710
Email : Lutz Golsch

Daniel Herbert
Tel : +49 (0)69 920 37 183
Mob : +49 (0)151 122 63834
Email : Daniel Herbert

US - Joele Frank

Jonathan Keehner
Tel : +1 212.355.4449
Mob : +1 917 589 2073
Email : Jonathan Keehner

Julie Oakes
Tel : +1 212.355.4449
Mob : +1 917 574 7263
Email : Julie Oakes

Spain – Groupo Albion

Alejandra Moore Mayorga
Tel : +34 91 531 23 88
Email : Alejandra Moore Mayorga

Sofia Garcia
Tel : +34 91 531 23 88

Italy – Community Group

Roberto Patriarca
Tel : +39 02 89 40 42 31
Mob : +39 335 65 09 568
Email : Roberto Patriarca

Marco Pedrazzini
Tel : +39 02 89 83 66 21
Mob : +39 347 0369 222
Email : Marco Pedrazzini