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Press Release

White & Case Advises Consortium of Altor, Strawberry and TDR Capital on Acquisition of AROE

Global law firm White & Case LLP has advised a consortium consisting of Altor Fund V, the Strawberry Group and TDR Capital on the acquisition of Airtours Resort Ownership España S.L. (AROE), a Spanish company owning and operating hotels. 

The acquisition is made as an add-on to the consortium’s acquisition of Thomas Cook Northern Europe (Vinggruppen), completed on 31 October 2019, which since the acquisition has been re-branded to Nordic Leisure Travel Group.

AROE operates 12 hotels with a total of 2,194 rooms and 1,700 employees in Tenerife, Gran Canaria, Mallorca and Menorca. The hotels comprise: 

  • Canary Islands: Ocean Beach Club Gran Canaria, Sunprime Atlantic View, Sunwing Fanabe Beach and Sentido Buganvilla. 
  • Mallorca and Menorca: Sunprime Waterfront, Sunwing Alcudia Beach, Sentido Cala Vinas, Smartline Cala'n Bosch, SunConnect Los Delfines, Club Jet Alcudia, Cala Blanca Sunhotel and Cook's Club Palma Beach.

Nordic Leisure Travel Group has around 2,300 employees who annually serve 1,600,000 Nordic customers through tour operators Ving, Globetrotter, Spies and Tjäreborg, the airline Thomas Cook Airlines Scandinavia Group, and the hotel brands Sunwing Family Resorts, Ocean Beach Club and Sunprime Hotels.

Altor is a family of private equity funds focused on investing in and developing medium sized companies. Since inception, Altor has raised approximately €8.3 billion in total commitments and invested in excess of €4.2 billion in more than 60 companies. 

The Strawberry Group consists of 11 companies operating in several business areas and investing mainly in real estate, finance, hotel operations and art. It also supports selected sustainable initiatives and organizations. Strawberry Group is owned by Petter A. Stordalen and family.

TDR Capital is a private equity firm, with assets under management of €8 billion, which invests in and establishes partnerships with medium-sized European companies.

The White & Case team which advised on the transaction was led by partners Johan Steen and Oscar Liljeson (both Stockholm) with support from partner Yoko Takagi (Madrid) and counsel Peter Svanqvist and associates Victor Åberg, Alexander Berlin-Jarhamn, Anders Westling and Josephine Martinsson (all Stockholm) and associate Julio Peralta (Madrid).

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