BARCELONA, Spain, Dec. 9, 2022 /PRNewswire/ -- eDreams ODIGEO (the 'Company') welcomes strong investor support with the sale of Ardian's stake in the company. Ardian has notified the Company that it has placed all of its ordinary shares in the Company with institutional investors, representing 15.6% of the Company at the close of business on 8 December 2022.
Ardian has been a shareholder of the Company for the last twelve years and assisted the Company's growth and transition to a subscription-based business. Ardian's decision to exit is driven by legal obligations linked to the relevant fund coming to the end of its term.
Permira, who holds 25.1% of the ordinary shares in the Company, will continue being an extremely supportive shareholder.
Dana Dunne, CEO of eDreams ODIGEO said: "We are very pleased with the strong support we have had from investors who wish to participate in our exciting future. We have consistently outperformed both the industry and our peers for the last two years and have a superior, unique proposition through our subscription product, Prime. Since launching Prime, eDO has become a higher quality business with a loyal customer base which delivers a predictable, recurring revenue stream and sustainable customer relationships, together with the associated ensuing financial benefits. We are very well positioned to continue to revolutionise the industry and have huge potential which will drive superior returns for shareholders and excellent service for customers.
"We are well on track to meet our self-imposed targets by the fiscal year 2025: Cash EBITDA in excess of €180 million, greater than 7.25 million Prime members (3.8 million until 8th November 2022) and Average Revenue per User (ARPU) of €80.
"We also thank Ardian for their support over the last twelve years. They have been exceptional shareholders always adding value and greatly assisting us as we transitioned to our very successful subscription model."
Benoît Vauchy, Partner of Permira said: "We have been very impressed with what eDreams ODIGEO has achieved in recent years, in particular transitioning from a traditional OTA to a subscription-based business at the same time as navigating the COVID-19. We are encouraged by the company's most recent results and progress against their three year targets. We believe eDreams ODIGEO has large potential and we are delighted to continue supporting them on their journey."
Lise Fauconnier, Managing Director of Buyout Activity of Ardian said: "eDreams ODIGEO is a remarkable business with significant growth prospects and an excellent management team. We are proud to have supported the company as it made its transition to a subscription model and wish the management team and its shareholders every success with the next phase of growth. The fund in which this investment is held is coming to the end of its term and will be closed following the completion of the divestment."
SOURCE eDreams ODIGEO