FastBooking Attracts 3i and Edmond de Rothschild Investment Partners
OCTOBER 31, 2007. FastBooking, European leader in direct Internet hotel bookings, welcomes 3i and Edmond de Rothschild Investment Partners (EdRIP) as shareholders in the company. Established in 2000, FastBooking has 3500+ client hotels worldwide with over 2 million hotel room nights booked through its platform this year.
Funds managed by 3i and EdRIP are collectively investing EUR35 million for a 62% stake in FastBooking, whose business is valued at EUR45 million. The transaction provides an exit for current shareholders, funds managed by Iris Capital and individuals who have supported the group since its inception. At this time, the managing founders of the company are re-investing for a total ownership of 35%.
FastBooking targets the independent hotelier market (and some hotel chains) offering them a full range of products, including a booking engine for integration on client hotel websites, distribution websites (e.g. www.fastbooking.com or www.only-recommended-hotels.com), a GDS/IDS network solution and e-marketing tools. FastBooking has a strong presence in most European countries and is also active in Asia and North America.
Co-founders, Richard Kefs, Thierry Lamblin et Soraya Kefs, share with 3i and EdRIP strong growth ambitions for FastBooking, driven by the increasing trend for consumers to book rooms direct from hotel websites and also the opportunity for further growth by acquisition, building on FastBooking's leadership position in the European hotel bookings market.
Richard Kefs comments 'We have found in 3i a partner who understands our business and shares our ambition. We aim to become the pre-eminent partner for the hotelier community.'
Jean-David Chamboredon, Partner at 3i Venture Capital, adds 'In 7 years, FastBooking has built an outstanding platform for hoteliers. Additionally, the internet user is starting to recognize the economic benefits of booking directly via hotel websites. Our role will be to support the growth and the success of FastBooking over the next 3 to 4 years.'
Amal Amar, co-founder and Chairman of SeLoger.com (Euronext : SLG.PA) joins FastBooking's board of directors and states 'This transaction is very similar to the one we conducted with 3i in 2005. In addition, the 2 groups both deploy an 'internet one-stop shop' offering targeted at a specific business community. I'm very glad to be part of this venture.'
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