Press RELEASE Stockholm, 2018-01-12
Unlimited Travel Group has today acquired 70 per cent of the shares in an events agency Creative Meetings. CEO and former majority owner Peter Winitsky remains as co-owner and CEO, as well as co-owner Dan Epel.
The valuation (enterprise value) for 70 per cent of the company on a cash and debt free basis amounts to sek 21.5 million, which is adjusted when the actual results for the 2017 has been established. There will be a performance-based additional purchase price which falls out after 3 years if the expected results have been surpassed. The transaction is financed 50% through acquisition and 50 per cent of its own funds. The transaction may, at the implementation of a marginal effect on the group’s liquidity, when 20 percent of the purchase price is paid with shares of the Unlimited Travel Group.
Creative Meetings is a well established event production company with a focus on B2E and B2B-events. The activities include both the traditional event production as innehållskommunikation linked to meetings and events. The company had a turnover of fiscal year 2017 preliminary 130 million.
— We see a clear trend with an increased focus on the meeting content in our B2B-shop. Creative Meetings is a well managed company with a solid experience and a clear specialisation in this field which complement our other companies, » says the Unlimited Travel Group CEO Johan Kvist. Creative Meetings has a good reputation with a strong företagskundbas and we see great opportunities to continue to develop the company in close cooperation with Peter Winitsky and his team.
— We have shown the black digits every year since we started and has been courted by numerous actors through the years. With the Unlimited Travel Group fits in the end all the pieces of the puzzle. We have seen a sharp increase in our utlandssegment and need support there. We are very fast moving and pragmatic, and need an owner with the same view on how to do business. That Unlimited Travel Group values the entrepreneurial spirit is absolutely central to us, then our view of the merger is to wind up our agency greatly. With this cooperation, we can increase the pace of development and become even more successful than in the past, » says Creative Meetings founder and CEO Peter Winitsky.
— Creative Meetings will, just like the other companies within the Unlimited Travel Group, continue to operate under its own brand and with its own organization because we are convinced that the identity and customer loyalty to our brands is strong. We will actively contribute to develop the company in a number of areas where we possess expertise and resources, » concludes Johan Kvist
Unlimited Travel Group is one of Sweden’s leading tour operators and has a turnover of around half a billion kronor. The business consists of owning, start, develop, and acquire the travel and event planning company that is small to medium-sized, specialized, independent, and entrepreneurially driven. The business is a corporate group consisting of the parent company Unlimited Travel Group, and the thirteen companies Västindienspecialisten, Birdie Golf Tours, Ski Unlimited, Travel Beyond, WI-resor, JB Travel, Eventyr, World Travel, PolarQuest, Unlimited Travel Production, Go Active Travel, Specialty travel, and Creative Meetings. Each and every one, we are passionate specialists — together we are Unlimited.
Unlimited Travel Group is traded on the NASDAQ OMX list First North.
For further information:
Johan Kvist, CEO, telephone 0735-58 35 58
Anders Ehrling, Chairman of the board, telephone 0706-64 19 37
This information is such information that Unlimited Travel Group UTG AB (publ) is obliged to publish under the EU marknadsmissbruksförordning. The information was submitted, through the above contacts in the government, for publication on 12 January 2018, there is a 14:00 CET.
Unlimited Travel Group UTG AB (publ)
113 27 Stockholm, sweden
Unlimited Travel Group’s Certified Adviser is:
Remium Nordic Holding ab, phone: 08-454 32 00
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Unlimited Travel Group via Globenewswire