In a Nutshell
- Polish Resource Partners acquired an 80% stake in Warsaw-based ITH group, an operator of online travel agencies in CEE, to accelerate global expansion.
- ITH group consists of multiple online travel agencies, including local market leader Vola.ro in Romania and Fru.pl in Poland.
- The amount of the deal remains undisclosed.
Supporting Management Buyout and Strategic Growth
Looking at the broader context, the global online travel booking service market size was valued at $519.1B in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 9.0% from 2022 to 2030.
Important regional player in the field is Polish ITH Group, with a presence across the CEE online travel industry, including Poland, Romania, Bulgaria, and Moldova. According to their data, ITH group has been consistently recording over 40% growth in turnover.
Resource Partners acquired an 80% stake in ITH Group to boost its global expansion. ITH Group owns several travel agencies, including market leaders Vola.ro in Romania and key player Fru.pl in Poland.
Resource Partners has supported a management buyout led by the existing leadership team. As part of this strategy, the growth capital funds 3TS Capital Partners and Catalyst Romania have exited the company, along with two of the group’s Polish co-founders.
Fueling Further Expansion of Travel-Tech in CEE
Daniel Truică will hold a significant minority stake and will continue to lead ITH group as a CEO.
“This transaction marks a new chapter for the company, which will focus on growth and expansion in new markets in Europe. It is the second time in Vola.ro’s and FRU’s history that an institutional investor has validated our business model and growth prospects, which is an honor for us. We thank the investors who have supported us in the past, and we are excited that the Resource Partners team is joining us in our mission to simplify the travel booking experience”, shared Truică.
In recent years, the Vola brand has expanded beyond Romania’s borders, with plans to enter new markets in order to become a recognized leader in the global travel services industry.
Resource Partners Bring them More than Money
Aleksander Kacprzyk, Managing Partner at Resource Partners, shared: “The first investment in the Romanian market from Resource Partners’ Fund III is an important milestone where we have the opportunity to publicly demonstrate our commitment to this market. Vola.ro is the clear leader in the online travel industry in Romania and Fru.pl continues to strengthen its position in the online travel agency market in Poland.”
“Over time, the company has shown an extraordinary ability to innovate its business model and has become a pioneer of the travel industry. Moving forward, the company will benefit from our experience as investors in the consumer goods and services sector, particularly in the eCommerce vertical, and the ITH group will consolidate and expand its leadership position in the region, accelerating both geographical and product expansion”, he concluded.
