Resource Partners takes over a majority stake in Interactive Travel Holdings

Source: https://resourcepartners.pl/en/

September, 2024

Founded in 2007, Vola.ro quickly established itself as a leader in the Romanian tourism market. With a focus on innovative solutions, the company has consistently expanded its services. Vola.ro has received numerous prestigious awards, including three placements in the Deloitte Technology Fast 50 ranking for the most rapidly growing technology companies in Central and Eastern Europe. In 2024, Mercury Research recognized Vola.ro as the most trusted and widely used online travel agency in Romania.

Vola.ro became an inspiration and partner for the Polish company FRU.pl, which rapidly became a recognized brand in Poland’s online travel agency market. Known for its wide range of affordable flights and diverse travel options, FRU.pl has strategically built its leadership position over the past 17 years. Through continuous technological innovation, service enhancement, and a strong focus on customer needs, FRU.pl has successfully adapted to the rapidly changing tourism market, earning the trust of loyal customers and attracting new ones.

Resource Partners acquired shares from 3TS Capital Partners and the Polish co-founders of FRU.pl, supporting a management buyout led by the Romanian management team. This move positions Romania as a key entity in the group’s future development and innovation efforts. Daniel Truică remains as ITH’s Group CEO, holding a significant minority stake. Resource Partners has also chosen to retain the entire management team, underscoring their confidence in the team’s ability to sustain the company’s success and growth.

Daniel Truică, ITH Group CEO, stated: "This transaction marks a new chapter for Vola.ro, where we will focus on growth and expansion into new markets in Europe. This is the second time in Vola.ro's history that an institutional investor has validated our business model and growth prospects, which we are honored to have. We thank the investors who have supported us in the past and are excited that the Resource Partners team is joining us in our mission to simplify flight booking through innovative technology and products."

Aleksander Kacprzyk, Managing Partner at Resource Partners, declared: "We are delighted to join ITH Group in this new development phase. The companies in the Group have demonstrated an extraordinary ability to innovate and adapt to the demands of the travel market, while maintaining a high level of trust and customer satisfaction. We see immense potential in the company's future and are dedicated to supporting the team and management in expanding into new international markets. We are confident that alongside the Management team, we will achieve these ambitious goals."

Vola.ro and FRU.pl are set to implement an ambitious development strategy focused on technological innovation and product offering expansion, in order to meet evolving customer needs while continuously improving service quality. A key element of this strategy is to consolidate the company’s position in the existing markets while also entering new regions. With the support of Resource Partners, the group is well-positioned to achieve these goals, providing modern and personalized travel solutions to customers worldwide.

Resource Partners was advised by: Forvis Mazars, Dentons, EY and RSK.

The Sellers were advised by: CMS, DLA Piper and Ipopema.

About Vola.ro/FRU.pl

Vola.ro/FRU.pl is the leading online travel agency in Romania, with a strong presence in Poland under the FRU.pl brand, and a recent expansion into Bulgaria and Moldova. Since its inception, the company has experienced rapid growth, continuously expanding both its revenue and the number of employees and customers. Vola.ro/FRU.pl offers a full range of travel services for individuals and companies, 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 the uncertainty of travel. 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 investment company founded in 2009 by a team of experienced fund managers who had invested in CEE region since 2000 on behalf of leading regional and international financial institutions and funds. Since inception, Resource Partners has raised three generations of investment funds which combined with co-investment opportunities for fund investors resulted in total equity investments exceeding EUR 500 million into 17 companies and add-on transactions and realizing 11 exists.