A British-based travel group is targeting growth from travellers' taste for all things Scandi with the acquisition of Trans Nordic Tours (TNT).
Tour Partner Group (TPG), a recently formed holding company for Hotels & More, Irish Welcome Tours and Authentic Vacations, is expanding beyond the UK with the acquisition. TNT is the largest local inbound tour operator to the Nordic countries by revenue.
The value of the deal was not disclosed, but it is thought that it is worth roughly the same as the group's acquisition of Irish Welcome Tours, which was rumoured to be about €30m (£26.5m).
The move marks TPG's entrance into the Nordic market, with services for travellers to Scandinavia, as well as Iceland, Greenland, Finland, the Baltics and Russia. It also expands the group's customer base. Established in 1995, the business serves travellers from as far as Asia, Australia, the Middle East and South America.
Founded by Yvonne and Pierre d'Hermilly, TNT currently employs 41 staff. The founders will be staying on to work with the new parent company.
“With the global spotlight on the Nordic region as an exciting and year-round travel destination, I am delighted to be able to work alongside Yvonne and Pierre, and the whole Trans Nordic Tours team," said chief executive Paul Maine.
"With this acquisition, we have started to realise our vision to be the largest DMC [destination management company] in Europe, with a combined revenue of over €100m. We will continue to innovate our product offering within and across our destination markets, providing new opportunities for our customers, suppliers and employees.”
Hotels & More was previously bought out by management with the backing of Mayfair Equity Partners in 2015. The company is now part of the combined group, which has joint revenue of over €100m.