Intrepid Travel has acquired French tour operator Altaï Group in its biggest acquisition to date, with the $100 million revenue business set to add up to 35,000 new customers and cement France as the Melbourne-based operator’s fourth largest market, behind Australia, the UK and the US.
The acquisition signals Intrepid’s growing appetite for European expansion, with CEO James Thornton confirming the company is actively scouting further opportunities on the continent and aiming to bring one new business into the fold each year.
The Lyon-headquartered Altaï Group operates nature-based, active, small group and tailor-made travel experiences across several brands – Atalante, Altaï Travel, Copines de Voyage and Les Aventureurs – and, like Intrepid, runs a vertically integrated model through its own network of destination management companies (DMCs) worldwide.
Intrepid said the deal strengthens its “strategic footprint” in France, which it describes as one of Europe’s largest adventure travel markets.
Altaï Group managing director Yann Wulser will continue to lead the business, reporting to Intrepid’s EMEA managing director Zina Bencheikh.
The group will remain headquartered in France and retain its existing brands in the short term.
Thornton said the French-speaking market represented a significant growth opportunity for the business. “We’re delighted to welcome the Altaï Group to Intrepid. We see the French-speaking market as a massive opportunity to further propel our growth and look forward to sharing our strategic vision of the world needs more Intrepid people with new, French-speaking customers.”
It is not Intrepid’s first foray into Europe, this time last year it bought Netherlands’ largest tour operator, Sawadee Reizen in a deal that was projected to add $100 million to its annual earnings. It was the company’s first significant branch into non-English speaking territories, a shift that added both scale and new audience reach.
Intrepid to boost revenue by $100m with its largest acquisition yet
