BGH Capital buys majority stake in OTA TripADeal
BGH Capital has snapped up a controlling stake in Byron Bay based online travel firm TripADeal.
BGH has bought a 55% stake in the company for an undisclosed amount.
It is not a fire-sale transaction due to the Covid-19 pandemic, TripADeal says.
The two companies had been discussing a stake sale since last year before the pandemic upended TripADeal’s business.
The company laid off nearly half its staff with the rest receiving JobKeeper funds.
"Well before Covid we knew they were the ideal fit. Working with them through Covid has only reinforced the common culture and respect we have always looked for," TripADeal said.
"BGH has significant experience in tourism and their partners share our vision for growth as the travel industry takes off post-Covid."
BGH is currently working through an acquisition for theme park and cinema operator Village Roadshow, and was in the running to buy Virgin Australia.
Founded in 2011, TripADeal handles about 60,000 Australians and Kiwis a year, booking mostly overseas trips.
Written by Ray Montgomery, Asia Pacific editor
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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