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Norvestor combines Nordic online travel agents Seat24 and SRG Online30/08/2007. Source: AltAssets. 
 Norwegian mid-market private equity firm Norvestor Equity has acquired two online travel agents in the Nordic countries, Seat24 Travel and SRG Online, through a newly established holding company, European Travel Interactive. Financial details of the transaction were not disclosed.
Seat24 and SRG Online will be merged to form online retailer, European Travel Interactive, Norvestor said in a statement. ETI will offer air tickets, hotel reservations and other travel-related services through multiple brands, with estimated gross sales exceeding SEK2.5bn (€275m) in 2007. The company will operate travel websites in 15 markets, trading from offices in Norway, Sweden, Denmark, Finland, Spain and the Netherlands, under nine different brand names.
Ralph Axelson, CEO and principal owner of Seat24, will become CEO of the new company and a large shareholder. Industry expert Martin F Jørgensen and management from the two companies will also invest in the new business.
Rolf Straume, chairman of ETI and partner at Norvestor, said, 'We have been following the online travel sector for quite some time and see a lot of potential for product development and consolidation within this relatively immature industry. We are excited to be able to work with the two most interesting players in the Nordics and a strong management team.'
ETI is the sixth investment from Norvestor's fourth fund, Norvestor IV, which was established in 2004. Norvestor have offices in Stockholm and Oslo, and invest across the Nordic area. They currently manage €180m of capital.
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