Corendon, sunweb, triton, buy, invest, tour operator, group, Thomas Cook, merge

Sweden’s Triton to buy Corendon via Sunweb

The Swedish mid-level investment group Triton, owner of the tour operator Sunweb, aims to take over and merge the operator Corendon.

Swedish investment group Triton has bought Corendon Holiday Group, a Dutch airline and tour operator active in the Netherlands and Belgium. Late last month, Triton was named as one of the bidders for Thomas Cook’s Nordic operations.

The two parties signed a preliminary agreement for the sale on June 3, in which Triton will take over all of the activities of Corendon via Sunweb Group, a holding belonging to Triton Fund V, part of the group’s portfolio. The activities of Corendon and Sunweb will be integrated, a joint statement said.

First, however, the final agreement should be submitted to the European competition authorities as well as to the staff council of Corendon. The details of the sale have not been disclosed.

Corendon Airlines in Turkey and Corendon Hotels and Resorts are not part of the deal, but the back-office operations in Turkey and Corendon Dutch Airlines are.

Entrepreneurial DNA
Founded in 2000, the Corendon tour operator group creates “fully integrated holiday experiences” for more than 750,000 customers a year with a €515 million turnover.

“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,” Per Agebäck, sector leader and advisor to the Triton Funds says.

“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 digitalisation to deliver a superior customer experience and exceed the expectations of the future traveller.”

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