Belvitur owner flies to Flytour's rescue

Belvitur owner flies to Flytour's rescue

Corporate & Sovereign Strategy Equity Debt M&A Brazil Capital Markets Tourism

Marcelo Cohen, owner of the Minas Gerais-based tourism agency Belvitur, has acquired Brazilian tourism company Flytour for BRL500 million ($88.3 million) in cash and debt, according to a statement. Cohen becomes CEO of Flytour and plans to pursue a growth strategy with backing from Banco Master to increase sales to BRL10 billion by the end of 2023, Flytour said on Wednesday. Local business newspaper Valor Econômico quoted Cohen as saying he was preparing Flytour for an initial public offering (I

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