JBR M&A transaction
Corendon and 5square
JBR acted as M&A advisor to Corendon, a fast-growing and leading tour operator, airline and hotel chain in the Dutch and Belgian markets.
JBR Corporate Finance's deal team consists of: Onno Sloterdijk, Rocher Hulst and Melvin Zandstra.
Corendon sells minority stake to 5square
JBR assisted Corendon and founder Atilay Uslu throughout the sales process as an M&A advisor with an important role in the process guidance and structuring of the transaction.
Investment company 5square joins as a shareholder in Corendon Leisure Group. They acquire a strategic minority stake and will support the vacation company's ambitions as a strategic partner. Corendon thus enters a new growth phase, focusing on the combination of tour operator and international hotel operations.
Facts and figures
Corendon
Corendon, founded in 2000, is a fast-growing and leading tour operator, airline and hotel chain in the Dutch and Belgian markets.
The company has a strong position in the market due to its competitive prices, no-nonsense nature and vast experience in sourcing accommodations.
Corendon's mission is to offer the best vacation at the best price.
5square
5square is an independent investment company, which since 2004 has supported a large number of Dutch companies with growth capital as well as strategic and operational knowledge.
5square's investments are focused on companies in a growth and transformation phase. The portfolio is composed of successful and fast-growing manufacturing, wholesale and retail companies.
Badhoevedorp, Jan. 27, 2024
Press Release
5square strategic partner Corendon
Investment company 5square joins as a shareholder in Corendon Leisure Group. They acquire a strategic minority stake and will support the vacation company's ambitions as a strategic partner. Corendon thus enters a new growth phase, focusing on the combination of tour operator and international hotel operations.
Atilay Uslu, founder of Corendon: "5square is currently the ideal partner for Corendon. With this we emphasize the close relationship that has existed between the two parties for some time. Together we will work hard to further grow our beautiful company. Their knowledge, experience and dedication fit seamlessly with our vision for Corendon's future."
Remco van den Heuvel, founder and partner at 5square: "We are impressed with the company, the management team and the organization. We are therefore really proud of our participation in Corendon. In 20 years, the company has grown into a leading tour operator and international hotel chain with over €750 million in revenue. The shared vision, strong market position and entrepreneurial leadership of the management provide excellent opportunities for further growth and success."
Deloitte supported 5square in this transaction for commercial and financial due diligence, and JBLaw provided legal advice. JBR Corporate Finance and STEK acted as financial and legal advisors to Corendon.
About 5square: 5square is an independent investment company, which since 2004 has supported a large number of Dutch companies with growth capital as well as strategic and operational knowledge. 5square's investments are focused on companies in a growth and transformation phase. The portfolio consists of successful and fast-growing manufacturing, wholesale and retail companies.
Contact the deal team personally
Onno Sloterdijk
Associate Partner
Rocher Hulst
Principal
Melvin Zandstra
Consultant Corporate Finance