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Company Sale

Proventis Partners acted as exclusive M&A advisor to the owner on the sale of Italia Golf & More to LMX Holding as part of the succession.

Munich, 31.10.2019

Proventis Partners advised the owner of Italia Golf & More AG (“IGM”), Baar, Switzerland, on the sale of 100% of its shares to LMX Holding GmbH (“LMX”), Leipzig.

“For me, Proventis was the ideal partner in the sale of Italia Golf & More. With a lot of empathy and negotiation skills, the Proventis team realized the best solution for the company and me”, explains Camillo Fioroni, owner of IGM. “The expertise of Proventis in tourism with profound sector experience and a deep understanding of technology-driven industry changes was a decisive factor for the successful completion of the transaction”, Fioroni continued.

“We are pleased to support IGM in the successful implementation of its succession in a strongly changing tourism market environment and to have won an innovative partner for the further growth and strengthening of IGM’s future viability with the acquisition of LMX”’, emphasizes Jan Pörschmann, Partner at Proventis Partners, who was in charge of the transaction. Proventis Partners is thus further expanding its tourism expertise, as IGM is already the second completed transaction in this segment in 2019. At the beginning of April 2019, Proventis Partners advised the shareholders of Fincallorca GmbH, the market leader OTA (Online Travel Agent) for premium holiday apartments on Mallorca, on the sale of 100% of the shares to Novasol A/S, a brand of Awaze Ltd, Europe’s leading holiday home broker. Previous tourism transactions include M&A projects for FTI, and Sonnenklar.TV.

The transaction takes into account the changes in the tourism industry that package tour operators are increasingly developing into special tour operators for individual target groups with corresponding product offers that platform providers cannot provide this way. In view of the megatrends in the tourism industry such as an ageing population, growing middle classes worldwide, sustainable, green tourism, changing technological travel infrastructures and platform offers, changing demand structures and an increasing fragmentation of the target group tourists, the trend towards increasingly individualised, tailor-made offers continues unabated. Nowadays, travelers expect much more than just a combination of flight, hotel and rental car, additional individual elements depending on the focus of interest and budget have become a matter of course. In terms of golf tourism, Italy is a European hidden champion with very strong development potential. In Italy a large selection of premium golf courses is available, on the golf courses there is no time pressure compared to established destinations, at the same time a high availability of golf flights is to be registered. The target market comprises 1.24 million registered golfers (Germany, Austria, Switzerland and France).

IGM is a premium tour operator of exclusive golf trips with a long-standing successful cooperation with top golf resorts and associated premium hotels throughout Italy. IGM is a valued brand in the tourism market and enjoys a high level of customer loyalty, which is reflected in a high re-booking rate. IGM offers tailor-made, individual golf packages that go beyond flight, hotel, green fees, special supplementary offers such as wine tastings, oldtimer car tours, opera visits or culinary events offer high cross-selling potential. IGM does not compete with the all-inclusive mass tourism, but explicitly addresses high-networth individuals. The global luxury travel market is growing annually by about 6 percent and, according to analyses, is expected to reach a volume of 932 billion euros by 2021. The golf relevant focus lies in the USA and Western Europe, with the highest number of golf courses (300,000 and 125,000 respectively). According to experts, the global market for golf trips is expected to grow at an annual rate of 14% to a volume of 38 billion euros by 2021.

The transaction

The objective of the transaction was to arrange the succession of the premium tour operator for golf holidays Italia Golf & More AG, Baar, Switzerland. LMX Holding GmbH, Leipzig, acquired 100% of the IGM shares. The current owner will remain available for a longer transitional period.

The role of Proventis Partners

Proventis Partners exclusively advised the owner of IGM throughout the entire M&A process. The services included the preparation of all transaction documentation, the coordination of due diligence and the commercial negotiation of the transaction including an optimal transaction structure. A particular challenge was the identification of an acquirer who would bring his own management resources to manage and further develop the owner-oriented company after the transaction.

About LMX Holding GmbH

LMX Holding GmbH is the parent company of the Leipzig tour operator LMX Touristik, founded in 2001 and managed by Markus Hartwig. LMX Touristik also owns the brands LMX Individuell, SunTrips, the Spanish-based LMX Viajes/LMX International as well as the new hotel brand Amarina Hotels & Resorts.

About IGM

Italia Golf & More AG (“IGM”) was founded in 1992 and is headquartered in Baar, Switzerland (holding company). IGM is a premium tour operator for golf holidays in Italy with a portfolio of 120 hotels and 100 golf clubs. The focus on Italy and a dedicated professional team on site guarantee first-class service quality and create a product that is tailored to the needs of customers. Additional activities such as wine tasting or oldtimer car tours are also offered. A dynamic product inventory system enables flexible booking allocation. IGM offers group and individual travel packages.

About Proventis Partners

Proventis Partners is a partner-managed M&A advisory firm whose clients include mainly corporate groups, medium-sized family businesses and private equity funds. With 30 professionals, Proventis Partners is active in the sectors Industrials, Business Services, Consumer & Retail, TMT, Healthcare and Energy and covers the German-speaking region with offices in Hamburg, Cologne, Munich and Zurich. Through its exclusive membership in Mergers Alliance – the international partnership of leading M&A specialists – Proventis Partners offers local market coverage in the 30 most important economies globally. The 20 members of the Mergers Alliance, with more than 200 M&A professionals, offer Proventis Partners and our clients unique access to local markets in Europe, North America, Latin America, Asia and Africa.