French private investment firm Ardian has sold its stake in European OTA eDreams Odigeo (eDO).
Ardian has been a shareholder for 12 years and assisted the company’s growth and transition to a subscription-based business.
The online travel firm said Ardian had placed all of its ordinary shares, representing 15.6% of the in the company, with institutional investors.
The value of the stake was undisclosed but eDreams said it welcomed “strong investor support” with the sale of Ardian’s stake.
“Ardian’s decision to exit is driven by legal obligations linked to the relevant fund coming to the end of its term,” eDreams added.
“[Global investment firm] Permira, who holds 25.1% of the ordinary shares in the company, will continue being an extremely supportive shareholder.”
Chief executive Dana Dunne said: “We are very pleased with the strong support we have had from investors who wish to participate in our exciting future.
“We have consistently outperformed both the industry and our peers for the last two years and have a superior, unique proposition through our subscription product, Prime.
“Since launching Prime, eDO has become a higher quality business with a loyal customer base which delivers a predictable, recurring revenue stream and sustainable customer relationships, together with the associated ensuing financial benefits.
“We are very well positioned to continue to revolutionise the industry and have huge potential which will drive superior returns for shareholders and excellent service for customers.”
He added: “We are well on track to meet our self-imposed targets by the fiscal year 2025 – cash ebitda [earnings] in excess of €180 million, greater than 7.25 million Prime members – 3.8 million until 8 November 2022 – and average revenue per user of €80.
“We also thank Ardian for their support over the last 12 years. They have been exceptional shareholders always adding value and greatly assisting us as we transitioned to our very successful subscription model.”