Bravofly Rumbo: First Internet IPO in Zurich Since 2000

The Bravofly Rumbo Group is one of the leading online operators in Europe in the sectors of tourism and leisure. Set up in 2004, the Group has continued to grow and is now a market leader in Spain and Italy, with a strong position in France and solid presence in 30 other countries, from Russia to South America. Currently over 19 million people use its sites to choose and book flights, package holidays, hotel, car hire, cruises, train tickets, flash offers, restaurants and tourist guides in a quick, easy and convenient way. The continuous technological research has enabled the Bravofly Rumbo Group to provide consumers with a more complete and wide range of products and services, integrating, into one system, state-of-the-art technology and the latest features. The Group today includes the sites of Bravofly.com, available in 15 languages, Rumbo.es, Viajar.com, Volagratis.com, Viaggiare.it, Hotelyo.com, 2spaghi.it, Crocierissime.it, Bravocroisieres.fr, Vivigratis.it and Prezzibenzina.it.

With over 4.5 million passengers handled in 2013, Bravofly Rumbo Group recorded a gross travel value of €1,051 million. Revenues reached €123.2 million, up 64% from 2012, of which organic growth was 23%. Adjusted EBITDA grew by 69% to €22.8 million, of which organic growth was 26%. The net financial position at year end 2013 reflected net cash of €4.5 million, as compared to net debt of €1.0 million in 2012.

With its IPO which is planned for the second quarter of 2014 Bravofly seeks to raise up to EUR110 million.

Intention is to complete the IPO in the second quarter of 2014. The offering will consist of both primary and secondary shares. The proceeds from the primary offering are intended to be used for seizing external growth opportunities by identifying and executing selected value creating acquisitions to grow the products and services and to expand the geographic footprint, as well as for general corporate purposes. The secondary shares are being offered by the founders of Bravofly Rumbo Group, certain private equity investors as well as other management shareholders. The selling shareholders will only sell a portion of their shares of the Company. The founders will remain the largest shareholder group post IPO.

Fabio Cannavale, Chairman of Bravofly Rumbo Group, comments: “Together with my founding partner, I started the business ten years ago in Italy. Since then we have successfully developed Bravofly Rumbo Group to become one of the leading OTAs in Europe, mostly by reinvesting its free cash-flows. Today, Bravofly Rumbo Group owns a rich brand portfolio with strong local presence. With the breadth and depth of our travel operations we address a wide range of consumer travel needs, and operate through a sophisticated integrated pricing and marketing approach. Key for our services is the integrated technology and operations platform applied across our websites and systems supporting key functionalities. I am enthusiastic about the prospects for future growth which will be supported by the planned IPO on SIX Swiss Exchange.”