The amount of the deal – whose closing is subject to the approval of the Competition Commission, was not disclosed.
Thebe Tourism Holdings, the majority shareholder of the Club Travel Group since 2009, will sell its stake in the company to Travelstart. Thebe and Travelstart will jointly invest in and own Club Travel Corporate, a level one B-BBEE rated division of Club Travel Group.
Wally Gaynor, Club Travel’s Managing Director and founder, will retain a board seat. Club Travel will continue as a standalone company.
Founded in Sweden in 1999, Travelstart uses technology to make travel purchases simple and offering customers the best price. In 2006, the company launched in South Africa and currently does business across several African countries as well as the GCC area with offices in Cape Town, Lagos, Cairo and Dubai. It is backed by Amadeus Capital Partners and HarbourVest.
Established in 1987 and led by CEO Stephan Ekbergh, Club Travel is a travel agency which includes leisure travel, over 400 branded and non-branded franchises and a corporate travel division.