The Carlyle Group, an American multinational private equity firm has agreed to invest $40 million (N14.58 billion) in Wakanow, one of Africa’s leading, full-service online travel companies with principal operations in Nigeria.
This was announced on Thursday by the Carlyle Group, a NASDAQ-Listed, alternative asset management and financial services corporation.
“Wakanow has experienced incredible growth since inception, disrupting the travel market and taking market share both online and offline,” Idris Mohammed, Managing Director, The Carlyle Group, said.
The 9 years old Nigerian company, Wakanow is one of West Africa’s largest full-service online travel companies, providing its customers with a one-stop online booking portal for flights, hotels, holiday packages, and other travel services and ancillaries.
Obinna Ekezie, Co-Founder and CEO, Wakanow, while commenting on the investment said Wakanow enjoys strong brand recognition and scale advantages in its local markets.
“We are excited to partner with Carlyle as we continue to grow and expand in Africa and beyond,” he said.
Before the The Carlyle Group’s investment in Wakanow, it has had experience in putting capital into companies in the online travel sector. It has invested in companies such as C-trip, one of the major online travel agencies operating across China, CVC Brasil, the Latin American travel and tour operator, and Vasco Turismo, one of the largest travel operations groups in Peru.
“Carlyle’s global footprint and scale, as well as its extensive experience and network in the online travel sector, will help us to further develop our offerings and broaden our customer base,” Ekezie explained.
Complementing their online offering, Wakanow also operates a network of traditional brick-and-mortar travel centres and has operations in Nigeria, Ghana, Kenya, UAE and the UK.
Speaking about the deal Mohammed said in a statement that The Carlyle Group believes that Wakanow’s strong growth trajectory will continue as the company benefits from an expanding middle class across the continent.
“In addition to increasing internet penetration and mobile connectivity, which is driving increased online traffic. We look forward to working with Wakanow’s management team to help them deliver on their vision for growth and expansion,” Mohammed mentioned in a statement.
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