M&A Deal Summary

Cinven and CPP Investments Acquire HBX Group

On April 28, 2016, private equity firm Cinven and pension CPP Investments acquired leisure company HBX Group from TUI for 1.2B EUR

Acquisition Highlights
  • This is Cinven’s 7th and CPP Investments’ 1st transaction in the Leisure sector.
  • This is Cinven’s 27th and CPP Investments’ 20th largest (disclosed) transaction.
  • This is Cinven’s 9th and CPP Investments’ 2nd transaction in Spain.

M&A Deal Summary
Date 2016-04-28
Target HBX Group
Sector Leisure
Buyer(s) Cinven
CPP Investments
Sellers(s) TUI
Deal Type Divestiture
Deal Value 1.2B EUR

Target

HBX Group

Palma de Mallorca, Spain
HBX Group is an independent global business to business (‘B2B’) bedbank. HBX Group provide the travel industry with access to hotel rooms from an inventory of approximately 170,000 hotels in more than 180 countries. HBX Group also provides transfers, excursions and tours, meetings and events and cruise handling services. HBX Group client base includes online travel agencies, traditional travel agencies, travel re-sellers, tour operators, and airlines. HBX Group was founded in 2001 and is based in Palma de Mallorca, Spain.

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Buyer(S) 2

Buyer

Cinven

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1977
PE ASSETS 39.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Cinven is a private equity firm focused on buyout investments in growing, profitable businesses located throughout Europe and North America. Sectors of interest include business and financial services, healthcare, industrial, retail, leisure, consumer, technology, media, and telecommunications. Cinven looks to invest a minimum of €200 million in companies with minimum enterprise values of €400 million. Cinven does not invest in start-ups or development phase companies. Cinven was established in 1977 and is headquartered in London.

DEAL STATS #
Overall 146 of 184
Sector (Leisure) 7 of 7
Type (Divestiture) 29 of 35
Country (Spain) 9 of 14
Year (2016) 3 of 6
Size (of disclosed) 27 of 62
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-15 Altice Europe

Woerden, Netherlands

Altice Europe is a multinational cable and telecommunications company with a presence in France, Israel, Belgium & Luxembourg, Portugal, French West Indies/ Indian Ocean Area, and the Dominican Republic and Switzerland. Altice provides cable-based services (high-quality pay television, fast broadband Internet, and fixed line telephony) and, in certain countries, mobile telephony services to residential customers and corporate customers. Altice Europe was founded in 2001 and is based in Amsterdam, Netherlands.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-22 BioClinica

Princeton, New Jersey, United States

Bioclinica is an integrated clinical life science solutions provider, delivering powerful insight into clinical trial development, assuring greater client success in bringing medical therapies to market, for people around the world. Through deep medical, scientific, and technology expertise, the company provides medical imaging and cardiac safety services; clinical adjudication; randomization and trial supply management and optimization; electronic and eSource data capture; site and patient payments; clinical trial management software; and drug safety solutions. Bioclinica’s global team of life science experts serves more than 500 pharmaceutical, biotechnology, and device organizations including the top 20 biopharmaceutical companies and leading CROs through offices in North America, Europe, and Asia. Bioclinica was formed in 1990 and is based in Princeton, New Jersey.

Buy -
Buyer

CPP Investments

Investor Investor Investor Investor Investor

Category Pension
Founded 1997
Size Mega
Type Sector Agnostic
DESCRIPTION

CPP Investments is a Canadian pension fund focused on a variety of investing strategies, including public equities, debt, and alternative investments. The Firm's private equity arm looks to acquire direct stakes in private companies, as well as make fund investments and acquire secondary positions. For direct stakes in companies, CPP looks to invest across North American and Europe and seeks to commit a minimum of $150 million per transaction. CPP has no industry preferences however the Firm will not invest in real assets. CPP Investments was established in 1997 and is based in Toronto, Ontario.

DEAL STATS #
Overall 14 of 51
Sector (Leisure) 1 of 1
Type (Divestiture) 4 of 8
Country (Spain) 2 of 2
Year (2016) 2 of 4
Size (of disclosed) 20 of 26
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-06 Glencore Agricultural Products

Switzerland

Glencore Agri is a globally integrated grain and oilseed business primarily focused on grains, oilseeds products, rice, sugar, pulses and cotton with activities including origination, processing, storage, logistics and marketing. Company have controlled and non-controlled facilities for storage, handling and processing, in strategic locations. The business is supported by an extensive silo and export elevator network. Company suppliers are farmers, farming co-operatives, processing plants, local exporters and global merchants. Company customers include the processing industry (food, animal feed and consumer products), local importers and government purchasing entities.

Buy $2.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-09 Autopista Arco Norte

Mexico City, Mexico

Autopista Arco Norte is a 224km toll road that serves as a transportation link in the central Mexico region.

Buy -

Seller(S) 1

SELLER

TUI

Hanover, Germany
Category Company
Founded 1968
Sector Leisure
Employees56,370
Revenue 20.7B EUR (2023)
DESCRIPTION

TUI is a multinational travel and tourism company. TUI consists of strong tour operators, 1,800 travel agencies and online portals, six airlines more than 130 aircraft, over 300 hotels with 210,000 beds, 13 cruise liners and countless incoming agencies in all major holiday destinations around the globe. TUI was founded in 1968 and is based in Hanover, Germany.

DEAL STATS #
Overall 2 of 5
Sector (Leisure) 1 of 4
Type (Divestiture) 2 of 5
Country (Spain) 1 of 1
Year (2016) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-06-27 TUI Travel

West Sussex, United Kingdom

TUI Travel is one of the world’s leading leisure travel groups, with over 220 trusted brands in 180 countries and more than 30 million customers. TUI Travel is based in West Sussex, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-13 Travelopia

Crawley, United Kingdom

Travelopia is a specialist travel groups, providing customers with unique experiences, such as sailing adventures, tailor-made holidays, sports tours, school expeditions, private jet travel, and polar expedition cruises. Travelopia was founded in 1997 and is based in Crawley, United Kingdom.

Sell -
Mergr

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