Gulf Capital sells DOTW to Webjet
Gulf Capital, one of the largest and most active alternative asset management firms in the Middle East, has agreed to sell Destinations of the World (DOTW) to Webjet Limited (Webjet).
DOTW is being sold for $173 million, resulting in an internal rate of return in excess of 15 per cent and making it one of the largest technology exits to date in the Middle East. This acquisition will firmly solidify Webjet’s position as the number two B2B travel player globally. Webjet is acquiring DOTW from Gulf Capital, its founder and its management team.
Commenting on the sale, Karim El Solh, CEO and managing partner of Private Equity at Gulf Capital, said: “We are very pleased to be announcing today the strategic sale of Destination of the World to a prestigious global player like Webjet. Gulf Capital has worked very closely with the DOTW management team to build a high-quality global business with a strong market position over the last five years.
“Under Gulf Capital’s ownership, DOTW has nearly doubled its total transaction value from $279 million in 2013 to an estimated $529 million for the last 12 months to June 2018. During its ownership period, Gulf Capital has also transformed DOTW from a local player into one of the world’s largest B2B players through a series of bolt-on acquisitions and rapid organic expansion across Asia, Europe and the Americas. This transaction is yet another example of Gulf Capital’s ability to back local businesses and to transform them into
Following the acquisition, WebBeds will have more than 2,100 employees, allowing it to provide truly local support to its worldwide partner network. It will feature a portfolio of more than 250,000 hotels in all regions of the globe, of which about 28,500 are directly contracted.