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Dreamlines has completed the acquisition of 100 per cent of the share capital of Cruise 1st, the UK headquartered cruise specialist.
The value of the transaction is not disclosed.
Cruise 1st is one of the UK’s leading cruise specialists with operations in the Australia and Singapore markets also.
The company adds 180 employees to more than 400 global team members of the Dreamlines group.
The acquisition signals Dreamlines’ entry into the UK cruise market.
The acquisition also sees Dreamlines, the market leader in Germany, become market leader in Australia and Singapore.
In the Australian market Dreamlines will operate two leading brands CruiseAway and Cruise 1st.
Felix Schneider, managing director of Dreamlines, said: “Entering the UK, the world’s third biggest cruise market by volume, is an important milestone within our global strategy.
“We are expanding our role in the market and will strengthen our position as the cruise online travel agency with the widest global footprint. Cruise 1st enables us to offer our customers even more unique cruise holiday products and will grow our operator business, a key factor for our future success.”
Dentons provided legal due diligence, corporate and tax advice to Dreamlines.
EY provided financial and tax due diligence to Dreamlines.
The combined gross merchandising volume of all brands including Cruise 1st in 2017 was over than €320 million.
Dreamlines and Cruise 1st will pool their expertise and capabilities to create unique cruise products and experiences for their customers. Additionally, the companies will streamline their distribution channels, enabling suppliers to target customers more efficiently and with even greater effectiveness.
Daniel Townsley, chief executive of Cruise 1st, commented: “The synergies between Cruise 1st and Dreamlines were too great to overlook.
“Combining a hugely successful global online travel agency with our own proficiency and database of customers in the UK, Australia and Singapore will drive higher sales volumes and margins and deliver huge growth for the business.”
Source: breakingtravelnews.com
