Procuritas MBO Invest Consortium (PMIC) has sold its shares in Ticket Travel Group AB

Press Release

Procuritas MBO Invest Consortium (PMIC) sold in February 1998 all of its remaining 372,535 shares, corresponding to 14.6 per cent of the capital and votes, in Ticket Travel Group AB.

PMIC made the initial development-capital investment in the unleveraged Free Independent Travel Group AB (today the Ticket Travel Group) in May 1993. The company was a holding company for three Swedish leisure travel agency chains: (i) Ticket Resebyrå AB (36 travel agencies); (ii) UpTravel AB (7 travel agencies); and (iii) Expo Travel Group (2 travel agencies). The company distributes airline tickets, railway tickets, ferry trips and charter trips and is the largest leisure travel agency chain in Sweden.

Ticket Travel Group was listed on the Stockholm Stock Exchange (SSE) in April 1997. The IPO was oversubscribed eight times and was regarded as the one of the most successful floatations on the SSE during the spring of 1997. In connection with the IPO, PMIC sold 29 per cent of its shares in the company and retained 14 per cent.

PMIC is a private equity consortium, consisting of Swedish and foreign institutional investors, which invests in unlisted Scandinavian companies, primarily through management buy-outs.

The investment in Ticket Travel Group has multiplied PMIC’s stake 9.3 times and generated an internal rate of return of approximately 80 per cent to PMIC’s investors.

For further information please contact:

Peter Toyberg Procuritas A/S Tel. +45 33 91 87 00