3TS Capital Partners, along with its affiliated fund Catalyst Romania, is thrilled to announce the successful exit of Interactive Travel Holdings (ITH) to Resource Partners, a regional private equity fund. ITH operates popular online travel agencies across CEE including Vola.ro, the market leader in Romania, and Fru.pl, a key player in Poland.
This marks another successful exit for 3TS Capital Partners and Catalyst Romania, highlighting the firms’ expertise in identifying and strategically scaling high-potential companies to leadership positions, as well as consistently delivering strong returns for the Funds’ investors.
Daniel Truică, CEO of ITH, stated: “This transaction marks a new chapter for the company, which will focus on growth and expansion in new markets in Europe. It is the second time in the history of Vola.ro and Fru.pl that an institutional investor has validated our business model and growth prospects, which is a great honour. We extend our gratitude to 3TS Capital Partners and Catalyst Romania, who have supported us through the challenges of the pandemic and assisted us in our business transformation, helping us fulfil our mission to simplify the travel booking experience through technology and innovation.”
3TS Capital Partners played a pivotal role in supporting ITH’s initial phase of regional growth, guiding the company through an expansion from a transaction fee-based model to a comprehensive suite of travel-related products and services. This strategic shift enabled ITH to adapt to the evolving demands of post-pandemic travel, offering passengers more convenient and seamless travel experiences.
“We are proud to have been part of ITH’s remarkable journey,” said Zbigniew Lapinski, Senior Partner at 3TS Capital Partners. “The Company navigated the challenges of the Covid period exceptionally well, positioning itself to fully leverage on the post-pandemic up-swing trend in travel. As a result, ITH achieved more than threefold revenue growth in the past three years and significantly improved profitability at all levels. We are delighted that the Company has gained a strong new partner in Resource Partners.”
“For Catalyst Romania, the investment in Vola.ro, made together with 3TS Capital Partners, was based on our mission to support Romanian champions in any technology vertical, including the travel industry. We are proud to have been part of the success story of the on-line travel market leader in Romania, which is now entering a new stage of its development” said Marius Ghenea, Managing Partner Catalyst Romania.
About Vola.ro and FRU.pl
Vola.ro is the online travel agency market leader in Romania and holds a strong presence in Poland under the brand FRU.pl. It is also currently present in Bulgaria and Moldova. Since its founding, Vola and FRU have experienced rapid growth, consistently expanding both their turnover and the number of employees and clients. The companies offer a full range of travel services for individuals and businesses, including flight bookings, refundable ticket options, hotels, vacations, and travel insurance.
About 3TS Capital Partners
3TS Capital Partners is a technology focused growth capital firm investing primarily across Engineering Europe. 3TS provides expansion capital for businesses in sectors including Technology & Internet, Media & Communications and Technology-Enabled Services. The combination of strong financial backing, strategic value-add and extensive networks in Europe and in the US, form the foundation of the 3TS company-building strategy. Investors in the current and past 3TS funds totalling over €450 million include EIF, Tesi, SZTA, Erste, Cisco, OTP, EBRD, AWS, Sitra, KfW, and 3i among others. For more information please visit www.3tscapital.com
About Catalyst Romania
Catalyst Romania is a fund manager that launched the first JEREMIE funded venture capital fund dedicated to Romania in 2012. The fund prioritizes investments in rapidly growing sectors, including Technology & Internet, Media & Communications, and Technology Services. The fund provides early-stage funding and expansion capital to companies that have the potential to become regional leaders or global players. For more information, please visit www.catalystromania.com
About Jeremie
JEREMIE (“Joint European Resources for Micro to Medium Enterprises” or “Joint European Resources for Micro to medium Enterprises in”) was a joint initiative of the Directorate-General for Regional Policy of the European Commission and the European Investment Bank Group (which includes European Investment Fund), which aimed to improve access to finance for SMEs in the European Union. In Romania, the JEREMIE Holding Fund was initially financed by the Sectoral Operational Programme “Increase of Economic Competitiveness” 2007-2013. Since 2020, the reflows from the JEREMIE initiative continue to be managed by EIF and to be utilized for financing new SMEs.
About Resource Partners
Resource Partners is an independent private equity fund founded in 2009 by a team of internationally experienced investment managers who have invested in the CEE region since 2000 on behalf of top regional and international financial institutions and funds. Since its inception, Resource Partners has raised three generations of funds, leading to total investments of over 500 million euros. Resource Partners invests in companies in full development, with experienced management teams, and supports them through its expertise in managing accelerated organic growth, international expansion, and the integration of bolt-on M&A acquisitions.