Triton is to acquire the tour operating activities of Corendon Holiday Group (Corendon) through Sunweb Group (Sunweb), a Triton Fund V portfolio company. Final agreement is still subject to regulatory approvals and to employee consultation procedures.
Especially for you, a personal video-message has been made by our CEO, Gert de Caluwe, together with Steven van der Heijden, CEO of Corendon International Travel and Corendon Dutch Airlines. May we ask you to keep this news confidential for now as a press release will follow later today. We will also share this with you.
We can imagine that this big news can raise some questions. Therefore we created a Q&A page on Confluence that will be regularly updated in the coming months. Please note that this page can only be consulted via our internal network. If you have any other questions, you can address them to HR or to the Management Team. Also on Thursday during the Townhall session in Rotterdam (and streamed via Teams) we will provide extra info and questions can be asked.
Sincere thanks.
Stockholm (Sweden) / Amsterdam (the Netherlands), 3rd of June 2019- Triton is to acquire the tour operating activities of Corendon Holiday Group (Corendon) through Sunweb Group (Sunweb), a Triton Fund V portfolio company. Final agreement is still subject to regulatory approvals and to employee consultation procedures. Terms of the transaction are not disclosed.
Acquisition of Corendon
Founded in 2000 by Atilay Uslu and Yildiray Karaer, with more than EUR 515m in turnover in 2018, Corendon creates fully integrated holiday experiences for more than 750,000 customers a year in the Netherlands and Belgium. The company started as a travel agency and developed into a tour operator. In 2005 Corendon launched Corendon Airlines International in Turkey, in 2011 Corendon Dutch Airlines in the Netherlands and in 2017 Corendon Airlines Europe at Malta. Besides the travel company Corendon also opened several hotels in Turkey, the Netherlands, Ibiza and Curacao.
The signed agreement consists of the Corendon tour operating activities in the Netherlands and Belgium, the back-office in Turkey and Corendon Dutch Airlines. It also includes Corendon´s brands Karin’s Choice, Maris Life, Stip, and GOfun. The airline in Turkey and Malta and the hotels of Corendon Hotels & Resorts are not part of this acquisition. Mr. Uslu will become a member of the non-executive board of the future combined travel company.
Merger of Corendon and Sunweb
Triton became majority shareholder of Sunweb Group earlier this year. The acquisition of Corendon is the first deal for Sunweb under the new ownership, and it will contribute to taking the travel company to a next level. This deal brings the travel brands Corendon and Sunweb together under Triton´s support. Both companies share the same online-driven, customer-focused strategy. Both companies are strong in sun and beach holidays and the major destinations of Corendon and Sunweb complement one another.
The combined company will take advantage of the innovative power and the entrepreneurial DNA for which they are both known. The enhanced scale and financial strength will accelerate digital and concept innovation and create a more appealing product offering and a unique and distinctive customer experience. The merger will create opportunities to build scale towards multiple destinations across a larger client base, with a mix of owned and external airline capacity in multiple source markets.
From an organizational-, consumer- or brand- perspective neither Corendon nor Sunweb will see immediate changes. Operations will continue as usual and similarly, there will be no change in the current respective management or company structures. Also, service delivery as well as the collaboration with business partners of both companies will continue to operate as usual.
Quotes from Sunweb, Corendon and Triton
“In essence, we announce a future marriage today. A marriage of two winning models. Today we announce that together we will build – speaking in the language of Sunweb – next to our other Powerhouses the most innovative Sun Powerhouse in Europe. We also gladly embrace a complementary inhouse airline, next to the strong airline partnerships we currently have, especially with our partners Transavia and Brussels Airlines. We combine two companies with a similar customer focus, a similar online focus and both with a clear value-for-money strategy. A marriage of two big sets of complementary skills and talent,” said Gert de Caluwe, CEO of Sunweb Group.
“We are very pleased to welcome Sunweb and not the least their majority owner Triton, who has demonstrated deep sector knowledge of the travel space, as new majority owner of the Corendon tour operator activities. The coming merger of Sunweb and Corendon feels like a very natural and logic step. Combining these two companies into one will be a great adventure. Sunweb has moved from a Dutch player towards an international player with strong presence not only in Sun, but also in Ski. Combining this platform with the powerful Sun strength of Corendon and its own airline creates a strong platform for continued investments in innovation, sustainable travel and digitalization,” said Steven van der Heijden, CEO of Corendon International Travel and Corendon Dutch Airlines.
“The value chain in travel is changing and Corendon has proven that its position and business model is resilient and winning in this complex environment. The entrepreneurial DNA and the shared mission of both Sunweb and Corendon to deliver the best possible holiday experience for customers will make sure that we will keep on expanding our position in the European travel market. As owners we strive to maintain and preserve the cultures of both Corendon and Sunweb to provide a great place to work. The combination will also provide a strong platform to continue investing in innovation, sustainable travel and digitalization and to deliver a superior customer experience and exceed the expectations of the future traveler,” said Per Agebäck, Investment Advisory Professional, Sector Leader for Consumer and advisor to the Triton Funds.
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About Corendon Holiday Group
Corendon Holiday Group is a leading tour operator and airline in the Dutch and Belgium travel market. With a 2018 turnover of EUR 515m and approximately 450 employees, Corendon took care of the holidays of more than 750,000 customers to sun and beach destinations worldwide. Next to the Corendon power brand, the company carries the labels GOfun, Stip Reizen, Maris Life, Crusj and Karin’s Choice. Corendon is known as a fast growing, online driven, customer focused travel brand, with a clear value-for-money strategy. The striking slogan reads: Always the best travel deals! Besides Corendon Dutch Airlines (three aircraft) the aviation part of the company worldwide also consists of Corendon Airlines International (Turkey, twelve aircraft) and Corendon Airlines Europe (Malta, four aircraft). Sister company Corendon Hotels & Resorts offers hotels and resorts in The Netherlands, Turkey, Ibiza and Curaçao. The signed agreement with Triton consists of the Corendon Holiday Group with tour operating activities in Holland and Belgium, a back-office in Turkey and Corendon Dutch Airlines.
About Triton
Since its establishment in 1997, Triton has sponsored nine funds, focusing on businesses in the industrial, business services, consumer and health sectors. The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Europe. Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth. The 38 companies currently in Triton’s portfolio have combined sales of around €14.9billion and around 72,000 employees. For further information: www.triton-partners.com
On this festive day we want to thank you for your efforts of last year. We would like to reward these efforts with a beautiful and sporty Christmas gift, the Sunweb Group folding bike!
Below you can already see an impression of this cool bike. You will have to wait for a while, but as soon as the weather is nicer again, the bike will be handed out to everyone of you.
We hope this bike will bring you to several nice locations or events and will make it possible to create some lifetime memories…
We wish you all a very Merry Christmas and a healthy, sporty and travellicious 2019.
Best wishes,
The Sunweb Santa
Founded 1991 in the Netherlands, and with more than EUR 600m in turnover, Sunweb serves ~1 million customers annually providing packaged holidays to more than 20 focal destinations across Europe and the Mediterranean. As an online tour operator, Sunweb combines the best features of the online travel agencies’ asset light business model and the content quality and customer experience provided by traditional tour operators.
“Sunweb´s online tour operating model is a unique hybrid between traditional tour operators and online travel agencies. The value chain in travel is changing, and Sunweb has proven that its position and business model is resilient and winning in this complex environment. Directly sourced quality content sold directly to the consumer through Sunweb’s own digital sales channels makes the company well position to benefit from the megatrends of growing travel and increased conversion to online,” said Per Agebäck, Investment Advisory Professional, sector leader for consumer and advisor to the Triton Funds.
“We are pleased to welcome Triton as new majority owner of Sunweb. They have demonstrated deep sector knowledge of the travel space and is the right partner to the Company as we continue investing in digital capabilities and expand across Europe,” said Joost Romeijn, founder of Sunweb, who will remain invested in the group.
Headquartered in the Netherlands and Switzerland, with additional sales offices in core source markets, the company retains leading European market positions in both winter sports and summer holiday offerings. Consisting of the five powerhouse brands; Sunweb Sun, Sunweb Ski, Eliza was here, Primavera and GoGo, Sunweb Group has approximately 500 employees and direct contracts with 6,000+ accommodations including hotels, apartments and resorts. Growing from core markets in the Netherlands, Belgium and France, the group has expanded into Denmark, Germany and the UK and continues to explore opportunities for geographic expansion.
“We look forward to actively supporting the management and employees as a stable owner by investing in and supporting the growth and development of the company. Our strong industry expertise, gained through other investments and strengthened by senior industry experts, will contribute in taking the company to the next level.” said Peder Prahl, Director of the General Partner for the Triton funds.
On the sell-side, William Blair as investment banker and NautaDutilh as legal advisor acted as the advisors of Sunweb Group.
About Triton
The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Europe, focusing on businesses in the Industrial, Business Services and Consumer/Health sectors.
Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth. The 37 companies currently in Triton’s portfolio have combined sales of around € 12.9 billion and around 83,000 employees.
The Triton funds are advised by dedicated teams of professionals based in Germany, Sweden, Norway, Finland, Denmark, Italy, the United Kingdom, the United States, China, Luxembourg and Jersey.
Curious about the news? Watch the personal video-message from our CEO Gert de Caluwe enclosed in this mail.
May we ask to keep this news confidential for now as a press release will follow at latest tomorrow evening
Sincere thanks.
Along with the new year comes a new distinct look for Team Sunweb. Shifting away from the predominantly white design that has animated the peloton and podiums during the previous years, the team embarks on their new chapter with Craft with a new eye-catching kit design. Once again, all three programs will share the same kit.
Their new Sunweb red colours proudly retain their recognisable two-stripe design for the sixth consecutive year, continuing the team’s reference to their Keep Challenging DNA. Besides the clearly-visible stripes, also KC watermark stripes are added. The left stripe represents the continuous development of the riders both as individuals and as athletes. The right stripe represents the development of the elite sports environment.
New Year, New chapter:
2019 marks the start of a new chapter for Team Sunweb, as they welcome on board a bundle of new (technical) partners including Craft. Craft, a big name in the clothing industry and the team’s new apparel partner will manufacture their state-of-the-art race kit using the latest technologies, with aerodynamics and safety at the core of their designs. Next to race clothing, the Scandinavian brand will also produce all casual and formal clothing for riders and staff.
A Passion for Innovation.
Sharing innovative qualities, Craft, Team Sunweb’s experts and other innovation partners will work closely together to make the next steps in aerodynamics, as well as safety improvements and temperature control through clothing. The protective shorts will continue to be used with more applications of DSM Dyneema’s protective fibres expected in 2019, adding an extra layer of protection to the kit, enhancing safety and confidence.
It's official: new partnership between Cervélo and Team Sunweb, beginning on 1st january 2019. as of that moment Cervélo will be the bike of choice of both the men and women WorldTour programs, as well as Team Sunweb’s development program.
“We’re very excited to partner with Team Sunweb, for us it’s the perfect match in ambition and performance,” explained Richard Keeskamp, Sports Marketing Director at Cervélo. “The team is word-class and active in a wide range of fields and disciplines with men, women and U23 programs – competitive in the one-day races, time trials, sprints and grand tours, which requires very specific equipment to be able to make the difference over competition. It challenges us to raise the bar even further in developing and delivering new and state-of-art technologies.
“We proudly launch the new S5, which heralds a new era for our company and stunning advances in aero and engineering technology for Team Sunweb’s riders. The partnership will allow us excellent R&D opportunities to continue to develop new technologies in close cooperation with the team, benefiting from their feedback and experience.”
On Cervélo bikes Team Sunweb have prospects of taking things to the next level in 2019. Team Sunweb CEO, Iwan Spekenbrink said:
“We’re thrilled to welcome one of the most high-tech brands in the industry to our team. Having the resources and knowledge at hand to make our equipment lighter, better and faster will make the difference. Time trials and road races are sometimes won or lost by a fraction of a second, which is a confirmation to us that these efforts do pay off. We’ve a shared DNA to keep pushing technology forward and innovation is key to both our organisations, which makes for the perfect fit. Behind the scenes Cervélo has been working hard on the new S5 race bikes revealed today, this emphasizes their commitment to helping us and we’re already looking forward to kicking off the 2019 season.”
Music Festival Tomorrowland partners up with Sunweb for its new festival: Tomorrowland Winter. In March 2019 Tomorrowland will make it possible to experience its magic in a totally new surrounding and during the most magical season of the year… winter. "The Hymn of the Frozen Lotus" is the theme of this magical new journey… Tomorrowland Winter will be held in the ski resort of Alpe d'Huez in France. The festival area and stages will be throughout the ski resort and the village that only visitors of Tomorrowland will have access to.
Sunweb will use her expertise in travel and winter sport to complete the Tomorrowland Winter packages. Together with Tomorrowland we created 7 or 4-days Tomorrowland Winter packages including lodging, festival access, ski & lift pass and optional bus or flight tickets from all over Europe. Packages will only be bookable on www.tomorrowland.com
You want to join? Pre-register now and book your package on the 8th or 15th of September.
Unite with 30 000 People of Tomorrow from all over the world on an altitude of more than 2000 meters, guided by the Tomorrowland magic.
Live Today, Love Tomorrow, Unite Forever
Tim van den Bergh, CCO of Sunweb Group, explains why Sunweb has launched a lifestyle platform:
“In the current media landscape, it is increasingly difficult to reach consumers in a way which they perceive as pleasant. In 2016, we began a sport sponsoring initiative aimed at further accelerating our international growth—the professional bike racing Team Sunweb was the result.”
The team, which includes successful Dutch rider Tom Dumoulin, is an important source of insights, tips and behind-the-scenes content for The Prologue.
The activation of the partnership between Sunweb and Team Sunweb is essential. “The focus should be on explaining who Sunweb is, and what we do,” says Van den Bergh. “Not just to Team Sunweb fans—but also the fans of other bike racing teams, and all other practitioners of this increasingly popular sport.” The choice of an online platform is logical, since Sunweb is an e-commerce company. Van den Bergh: “What better way is there to reach our audience in a sympathetic way than through an international cycling platform with great content?”
The media brand The Prologue is aimed at a broader cycling audience, rather than just race fans. Wayne Parker Kent has developed the visual identity and the technical infrastructure behind the platform. All the content production is also created in-house at the Amsterdam-based agency, where an editorial team creates new articles on a daily basis. Editor-in-Chief Mike Cooper says:
“We are very passionate about bike racing, but also the wider cycling culture. We love touring and racing, but equally enjoy a ride to a coffee bar on the fixie. The cycling lifestyle, beyond the sport, is just as interesting.” According to Cooper, The Prologue is a wide-ranging platform aimed at both racers, racing fans and people who have just bought a new bike and want to know more. “Sports cycling culture is growing exponentially,” says Cooper. “We want to help men and women better understand and experience this sport. The range of our stories is therefore very wide: from practical tips on riding, nutrition and training, to inspiring, exclusive background stories on well-known professional riders.”
The Prologue currently appears in both English and Dutch, with German and French versions to follow in a later phase.
More info on: www.theprologue.com
As of 2018 Sundio Group International becomes Sunweb Group, symbolizing the international expansion led by its flagship-brand Sunweb.
Sunweb Group adopts in it’s logo the new visual property of Sunweb that was presented for the first time to the public on the new racing kit of Team Sunweb in Berlin on 04/01/2018.