Adventure specialist Intrepid Travel has acquired Dutch tour operator Sawadee Reizen from Travelopia.
While terms of the deal were not disclosed, Intrepid Travel said in a statement that the acquisition of the Netherlands-based company will add $62 million in revenue and 20,000 customers a year to Intrepid.
Subscribe to our newsletter below
The acquisition, which also boosts Intrepid’s EBITDA by $3 million, will help the company grow to more than $1 billion in revenue by 2030, it said.
“Intrepid aims to be the world’s largest vertically integrated experiential travel company and bringing our two brands together is a major step towards that," said James Thornton, CEO of Intrepid.
“Sawadee is passionate about delivering exceptional experiences for its customers, expanding horizons and connecting communities. We wish the team success and continued growth under Intrepid ownership,” said Andy Duncan, CEO of Travelopia.
Sawadee will continue to be led by managing director Berend Simons, who will report to Intrepid’s MD for Europe, the Middle East and Africa, Zina Bencheikh. The company will remain at its base in Amsterdam, Netherlands and continue to operate under its existing name and brand.
“Intrepid is a leading global travel business, with exceptionally strong values. We’re excited about the next part of the Sawadee journey and growing together. Our leading position in the Dutch market, coupled with Intrepid’s global expertise, means we will continue to deliver amazing trips for our customers and create impact for the communities we visit,” said Simons.
The Netherlands will also become the fourth largest source market for Intrepid, after Australia, the United State and the United Kingdom, through the acquisition.
Intrepid partnered with investment company Genairgy in 2021 to help it drive growth initiatives including digital transformation, product innovation and market expansion. Travelopia was formed by European tour operator TUI to house a number of its specialist brands including Citalia, Hayes & Jarvis and Exodus Adventure Travels. It was then acquired by KKR for £325 million in early 2017.