Private equity firm MCI has sold its interest in Czech Republic-based online travel firm Invia for Euro 56 million.
The company was sold to Prague-based investment fund Rockaway, which has invested in about 50 online businesses including several in the travel space.
The total deal values Invia at Euro 76 million which represents an eleven-fold gain for Poland-based MCI on its original investment in the company in 2008.
The deal does not impact MCI's other recent travel investments including Travelata in 2013, Oktogo in 2015 as well as further investment last month and the acquisition of a majority stake in Turkey-based Tatilbudur last year.
In an MCI statement, partner and fund manager of MCI.TechVentures Sylwester Janik says:
"During the period of our investment, Invia has established itself as a leader in the e-travel market in the CEE region through dynamic organic growth and acquisitions, while improving its operational efficiency."
Invia was started in the Czech Republic in 2002. It acquired local businesses Net.Travel and LastMinute in 2009 and Poland-based Travelplanet in 2011.
The statement also says that Invia had delivered Euro 250 million in gross booking value in 2015.
An MCI spokesman adds that MCI now wants to replicate the success of Invia with Tatilbudur and Travelata.