02/2025Majority

Tip - Tamburi Investment Partneri takes majority stake in Alpitour

ITALY Hospitality & Leisure / Travel EV €500M–1.5bn

Context

TIP, through its controlled vehicle Asset Italia 1 srl, has exercised its right of pre-emption to acquire an additional 36.02% stake in Alpitour from Dal 1802. This strategic maneuver follows the suspension of a formal sale process initiated in 2023, as the shareholders elected to consolidate control rather than exit to external bidders. The transaction allows Asset Italia to increase its total shareholding in the tour operator to approximately 94.6% (and up to 95.3% depending on co-sale rights). The rationale for the consolidation is rooted in Alpitour's exceptional financial recovery and structural profitability, characterized by significant revenue growth and high margins. By securing nearly full ownership, TIP and its club deal partners aim to further stabilize the group’s capital structure and capitalize on promising tourism sector tailwinds, leveraging Alpitour’s substantial asset base and market dominance to drive long-term industrial value.

Alpitour, which reported an EBITDA margin of [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of 5x–12x, representing a discount to the average observed in the Retail & Consumer sector (12.5x in 2025).

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Target

Alpitour is Italy’s leading integrated tourism group, maintaining a robust business model that spans the entire travel value chain. The group operates across five main pillars: Tour Operating, Aviation (through its own airline), Hotel Management, Travel Agencies, and Incoming services. By controlling its own flight capacity and a diverse portfolio of hospitality assets, the organization provides a seamless end-to-end travel experience for the mass-market and premium segments. The group focuses on digital transformation and fleet modernization to drive operational efficiency and customer retention. Strategically positioned as a national champion in the Mediterranean basin and long-haul leisure destinations, the company leverages a multi-brand strategy to address evolving traveler preferences, maintaining deep structural profitability through integrated supply chain management and a vast physical and digital distribution network.

Ent. Value

€500M–1.5bn

Equity Value

[members only]

Multiples

EV / Revenue

below 1.5x

EV / EBITDA

5x–12x

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2024

2023

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10/2024	PUREGYM	BLINK FITNESS	UNITED STATES	Leisure Facilities
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REFERENCES

Valuation range: EV €500M–1.5bn

Revenue range: €1–10bn

EBITDA range: €100–200M

EV/Revenue range: below 1.5x

EV/EBITDA range: 5x - 12x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Alpitour by Tip - Tamburi Investment Partneri are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Acquirer: tip - tamburi investment partneri

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Alpitour, an Italian company specialised in Travel, by Tip - Tamburi Investment Partneri in 2025.

How was the acquisition of Alpitour by Tip - Tamburi Investment Partneri valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €500M–1.5bn band, its EV/EBITDA multiple within the 5x - 12x range, and its EV/revenue multiple within the below 1.5x range. Exact figures are available to members.

What were Alpitour’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Alpitour generated annual revenue estimated in the €1–10bn range and EBITDA in the €100–200M bracket (FY 2024). Detailed financial figures are available to members.

How does the valuation of Alpitour compare to benchmarks in the Retail & Consumer sector?

The estimated multiple of 5x - 12x sits below the sector median of 12.5x recorded in 2025, indicating an attractive entry multiple for Tip - Tamburi Investment Partneri or reflecting specific complexities. The descriptive comparison is based on 15 transactions with available EV/EBITDA multiples from differences in size, growth, profitability that may affect comparability.

What sources support the information on this transaction?

The details of this transaction are sourced directly from the official corporate announcement published on the parties’ institutional website, ensuring primary-source verification of the closing and perimeter.

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