Home >Companies >News >SSG Capital buys 34.42% stake in Cox & Kings UK unit

Mumbai: Travel firm Cox & Kings Ltd Thursday said SSG Capital Management Ltd has bought 34.42% stake in its British subsidiary Prometheon Holdings (UK) Ltd from the Rohatyn Group. Prometheon owns Holidaybreak, a European niche travel company.

With this, Rohatyn has made a complete exit from Prometheon. Cox & Kings continues to hold the balance stake. SSG Capital already holds a 2.72% stake in Cox & Kings.

In a stock exchange filing, Cox and Kings said, “private equity firm SSG Capital Management through its investee company acquired 34.42% stake in Cox & Kings subsidiary, Prometheon Holdings (UK) Ltd, which is the holding company of Holidaybreak."

Holidaybreak specializes in travel for education and activities.

It has operations in the UK, Germany, Switzerland, Austria, Belgium, the Netherlands and Ireland.

In September 2011, Cox and Kings, through its UK unit Prometheon, had acquired Holidaybreak for £312 million in an all-cash transaction.

SSG Capital’s investments in India include Asset Care & Reconstruction Enterprise and Future Supply Chain Solutions Ltd.

In July, Mint reported that SSG Capital Management, a special situations investment firm founded by former Lehman Brothers executives, is raising close to $2 billion for two new Asia-focused funds.

Founded in 2009 by Edwin Wong, Andreas Vourloumis and Shyam Maheshwari, SSG Capital Management focuses on China, India and South-East Asia. Cox and Kings has sold parts of Holidaybreak’s business in the past.

In June 2014, Cox and Kings sold Holidaybreak’s camping division to France’s Homair Vacances for £89.2 million (approx Rs892 crore).

In December 2015, Cox and Kings sold Explore Worldwide, a unit of Holidaybreak, to Hotelplan (UK Group) Ltd, a specialist UK tour operator, for £25.8 million.

Cox & Kings has operations in 22 countries across four continents. In India, it has a presence in around 149 cities.

Shares of Cox and Kings fell 0.06% on the BSE to close at Rs250.40, while the benchmark Sensex gained 1.06% to close at 33,106.82 points.

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