The Abraaj Group (Abraaj), a major investor operating in global growth markets, has announced the signing of an agreement to exit its stake in Condor Travel SA to the Carlyle Group.

The exit, through Abraaj’s Latin American Fund, ALAF I, marks the first secondary private equity sale in Peru, and Abraaj’s fourth exit from ALAF I in the last 12 months. The transaction is expected to close by the end of September.

Established in 1977, Condor Travel is Peru’s leading inbound tour operator. The Company operates two major divisions - inbound tourism as a tour operator and outbound tourism providing travel agency and corporate services.

The company is organized through a subsidiary in Chile, franchises in Brazil, Ecuador, Bolivia and Argentina, and sales representation offices in the United States, Japan, Dubai, Portugal, Australia, Russia and India.

Over the course of Abraaj’s investment, the group has helped Condor Travel expand its service offerings and enhance its regional footprint. Innovative services introduced include Condorlink, an online booking service for travel agencies abroad, and new travel packages such as Infinity and Liv, aimed at premium, adventure and carbon-neutral travelers.

Hector Martinez, MD of Abraaj’s Peru office, said: “Our investment and partnership with Condor Travel helped create a leader in the Peruvian tourism market.”

Condor Travel is well-positioned to maintain its market-leading status in the high-growth Peruvian tourism sector and we wish the company every success for the future.”

Sammy Niego, CEO of Condor Travel, said: “Abraaj played a highly instrumental role in growing Condor Travel’s business, and our partnership over the last five years created many value-additive opportunities.”

Miguel Olea, partner and regional head of South America operations for Abraaj, said: “The sale of Abraaj’s stake in Condor Travel marks the first secondary private equity sale in Peru, representing a maturation of the regional private equity industry.”