Business and Finance

TLG exits Cambodian investment to major French tour operator, CroisiEurope

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TLG Capital announced today that it has exited its investment in Compagnie Fluviale Du Mekong (‘CFM’) in a trade sale to CroisiEurope, a large European tour operator. CFM is a luxury river boat cruise business based in Phnom Penh. Founded in 2000, the company’s first boat – a colonial boutique-style 10 cabin boat – first cruised the Mekong River in 2002. It was the first ship of its type to do so and the popularity of the cruise led to the creation of a full fleet in operation by 2008. The deal represents one of the few trade sales in Cambodia to an international buyer. The exit mark’s a fourth successful exit for TLG since its inception 4 years ago.

Zachary Latif, a partner at TLG, stated that: “CFM has been well placed to take advantage of the robust tourism growth in Cambodia, driven by strong intra-regional demand and reflecting the compelling growth story of the South East Asian region as a whole. With performance well in excess of our target return, CFM has demonstrated that we can consistently deliver solid private equity exits in frontier markets.”

CroisiEurope, a family company based in Strasbourg, is Europe’s leading cruise operator. The company was established in 1976 and offers coastal and river cruises throughout Europe. The company recently expanded into South-East Asia and the acquisition of CFM marks an important step in its growth strategy outside of Europe. CroisiEurope plans to use the existing operations as a base to expand on a regional basis, especially in Myanmar. They will deploy their considerable expertise in Europe to increase the fleet in Cambodia and meet growing demand for luxury cruises.

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