GCA Altium is now part of Houlihan Lokey

Transaction Details

January 1, 2010


Consumer, Retail, E-commerce and Leisure

Deal Type


Deal Value


Deal Team

Raymond Fröjd

Travelstart Europe sold to Etraveli

Travelstart: leading Scandinavian Online Travel Agency

Travelstart is one of Scandinavia’s leading Online Travel Agencies (OTAs).

It was founded in 1998 by Stephan Ekberg, a true pioneer of the online travel business, who already in 1997 founded Mr Jet, Northern Europe’s first transactional online travel company.

After 10 years of operations, Travelstart has built a strong, household brand name, which led to gross bookings of c. SEK 1.5bn (over USD 200m) in 2009. The Company is a pioneer on the Nordic online market where it has the majority of its sales.

A compelling proposition for Etraveli, which takes a 30% market share in the Nordics

The online travel industry is very price competitive, and consolidation is an inevitable trend.

European Travel Interactive (Etraveli) is strong across the Nordic region, and therefore its acquisition of Travelstart’s European business was a compelling proposition, and follows the acquisition of the brands Gotogate.no and Flybillet.dk in 2009.

The enlarged Etraveli group now expects gross bookings of c. SEK 5bn (USD 700m) in 2010, and an estimated 30% share of the Nordic online travel market.

Stephan Ekbergh will continue to own and operate the Travelstart brand outside Europe, with a particular concentration on Africa and other emerging markets.

GCA Altium acted as sole advisor to the sellers.

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