Resource Partners acquires majority stake in Warsaw-based ITH group, an operator of online travel agencies in CEE, to accelerate international expansion

Resource Partners acquires majority stake in Warsaw-based ITH group, an operator of online travel agencies in CEE, to accelerate international expansion

Resource Partners acquires an 80% stake in the ITH group
ITH group consists of multiple online travel agencies, including local market leader Vola.ro and Fru.pl
Daniel Truică, one of the co-founders of ITH, retains a significant minority stake and will continue to lead the group as CEO.

Bucharest, Romania and Warsaw, Poland, September 2, 2024

Vola.ro, Romania’s leader in the online travel industry, and FRU.pl, one of Poland’s key players in the sector, announces the sale of an 80% stake by Interactive Travel Holdings (ITH) to Resource Partners, a prominent regional private equity fund manager in Central and Eastern Europe. With its strong presence in Poland, Romania, Bulgaria, and Moldova, ITH continues to be a significant force in the online travel industry across these regions.

Over the past 15 years, Resource Partners has invested in companies with strong growth potential and seasoned management teams, supporting them in scaling both organically and through acquisitions.

Resource Partners has supported a management buyout led by the existing leadership team. This transaction creates new opportunities for the development of the travel group and solidifies the role of the Romanian market as a central hub of the group’s activities. 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. Daniel Truică will hold a significant minority stake and will continue to lead the group’s strategic direction as CEO.

Additionally, Resource Partners retains and supports the entire management team, a vote of confidence in their ability to continue the company’s success and growth. Furthermore, other members of the management team have become shareholders, reinforcing the team’s commitment to the company’s ongoing success.

Daniel Truică, CEO of ITH, stated: “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 through technology and innovative products.”

In recent years, the Vola brand has expanded beyond Romania’s borders, establishing itself as a leading name in Central and Eastern Europe by upholding the same high standards of quality and customer commitment on the international stage. Vola now plans to enter new markets in order to become a recognized leader in the global travel services industry. The acquisition by Resource Partners provides the necessary support for the company to scale its operations.

Aleksander Kacprzyk, Managing Partner at Resource Partners, stated: “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 & 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. We are confident that together with Daniel and the ITH team, we will achieve these ambitious objectives.”

“Despite the challenges brought on by recent times, the travel industry has proven resilient in the face of macroeconomic challenges, and air traffic has exceeded 2019 levels in Romania and Poland, the two key markets for the group that includes Vola.ro. We see immense potential in the online travel market and are committed to supporting the management in capitalizing on the innovation and digitalization opportunities it presents,” said Miruna Popa, Investment Manager at Resource Partners.

In a period of rapid transformation in the travel industry, driven by technological advancements and changes in consumer behavior, especially in the post-pandemic context, the ITH group has demonstrated remarkable adaptability, consistently recording over 40% growth in turnover.

“We are proud to have been part of ITH’s remarkable journey,” said Zbigniew Lapinski, Senior Partner at 3TS Capital Partners. “The Company navigated the challenges of the Covid-19 period exceptionally , positioning itself to fully leverage the post-pandemic up-swing trend in travel. We are delighted that Vola.ro has gained a strong new partner in Resource Partners, who will support its continued scaling to the next level.”

About Vola.ro and FRU.pl

Vola.ro is the market leader in Romania and holds a strong presence in Poland under the brand FRU.pl. It is also currently present in Bulgaria, and Moldova. Since its founding, Vola and FRU have experienced rapid growth, consistently expanding both their turnover and the number of employees and clients. The companies offer a full range of travel services for individuals and businesses, including flight bookings, refundable ticket options, hotels, vacations, and travel insurance. In recent years, the company has focused on developing innovative fintech services, such as Fast Refund, Trip Protect, and Flex, designed to protect customers from travel uncertainties. The company has also been ranked first in the Deloitte Technology Fast 50 in Central Europe for three consecutive years.

About Resource Partners

Resource Partners is an independent private equity fund founded in 2009 by a team of internationally experienced investment managers who have invested in the CEE region since 2000 on behalf of top regional and international financial institutions and funds. Since its inception, Resource Partners has raised three generations of funds, leading to total investments of over 500 million euros. Resource Partners invests in companies in full development, with experienced management teams, and supports them through its expertise in managing accelerated organic growth, international expansion, and the integration of bolt-on M&A acquisitions.

About 3TS Capital Partners

3TS Capital Partners is a technology focused growth capital firm investing primarily across Engineering Europe. 3TS provides expansion capital for businesses in sectors including Technology & Internet, Media & Communications and Technology-Enabled Services. The combination of strong financial backing, strategic value-adding and extensive networks in Europe and in the US, form the foundation of the 3TS company-building strategy. Investors in the current and past 3TS funds totalling over €450 million include EIF, Tesi, SZTA, Erste, Cisco, OTP, EBRD, AWS, Sitra, KfW, and 3i among others. For more information please access 3tscapital.com

About Catalyst Romania

Catalyst Romania is a fund manager that launched the first private equity and venture capital fund dedicated to Romania in 2012, funded through JEREMIE. The fund manager prioritizes investments in rapidly growing sectors, including Technology & Internet, Media & Communications, and Technology Services. The team provides growth capital to companies that are or have the potential to become regional leaders or global players. For more information, please visit catalystromania.com.

About Jeremie

JEREMIE (“Joint European Resources for Micro to Medium Enterprises” or “Joint European Resources for Micro to medium Enterprises in”) was a joint initiative of the Directorate-General for Regional Policy of the European Commission and the European Investment Bank Group (which includes European Investment Fund), which aimed to improve access to finance for SMEs in the European Union. In Romania, the JEREMIE Holding Fund was initially financed by the Sectoral Operational Programme “Increase of Economic Competitiveness” 2007-2013. Since 2020, the reflows from the JEREMIE initiative continue to be managed by EIF and to be utilized for financing new SMEs.