📋 Tender Overview
Location:
Poland
Project number:
55900
Business sector:
Telecommunications, Media and Technology
Notice type:
Private
Environmental category:
B
Approval date:
08 Nov 2024
Status:
Signed
English-language PSD published:
10 Jan 2025
Project Description
Co-investment alongside Enterprise Investors Fund IX to jointly acquire a significant minority stake in eTravel S.A. via a Poland-based SPV.
Project Objectives
The transaction is led by Enterprise Investors, a private equity fund operating in Central Europe, in which EBRD is an existing investor. The Value Creation Plan will focus on further regional market consolidation, new organic sales initiatives, further IT enhancements including AI implementation and financial reporting improvements.
Transition Impact
ETI score: 66
This Project is an equity co-investment alongside a private equity fund in which EBRD is an existing investor, targeting the Resilient and Competitive transition impact qualities. EBRD's equity financing contributes to increased financial and operational efficiency, thus strengthening the resilience and competitiveness of a leading corporate travel management agency.
The Project is aligned with and further supports the transition impact objectives of EBRD's investment in Enterprise Investors Fund IX with a goal of contributing to increased availability of private equity financing in the region and thereby promoting private and entrepreneurial initiatives and fostering consolidation in fragmented markets.
Client Information
RIGANO SP ZOO
eTravel S.A. is the largest B2B Travel Management Company in CEE and is headquartered in Poland. Over the past 12 years, the Company has acted as a consolidator in the CEE business travel market, with multiple bolt-on acquisitions; its operations currently span Poland and Czech Republic. eTravel developed a proprietary IT platform for the efficient end-to-end management of travel arrangements, in compliance with corporate clients' travel policies. eTravel's business is split into three key services: (i) airline tickets services; (ii) accommodation booking service; and (iii) other service lines (e.g. rails, events, cruises).
Additionality
Scale-ups are still widely underfunded in Central Eastern Europe where growth-focused investment funds are scarce. EBRD is filling a financing gap and supporting EI Fund IX to become a significant minority shareholder and enable the Company's M&A growth on its own.
As an experienced investor in technology companies across CEE markets, EBRD's presence in the entity's capital structure is expected to provide further comfort to potential new incoming investors or acquirers.
Environmental and Social Summary
Categorised B (2019 ESP). The transaction involves an equity co-investment in eTravel S.A., an online B2B travel management company and a new client to the Bank. Due to the small scale of its operational processes and the nature of its business - providing
