Lacaze plays down CVC exit strategy

Lacaze plays down CVC exit strategy
By admin

Jetset Travelworld Group chief executive Peter Lacaze has played down any immediate prospect of its shareholders exiting the business as CVC Asia Pacific prepares to offload Mantra Hotels and Resorts.

The private equity firm, which owns 27% of publicly-listed JTG, also has a 40% interest in Mantra which it has put up for sale.
The move has raised speculation about its investment in JTG and when it is likely to sell its stake. Rumours began circulating again yesterday with media reports suggesting CVC was poised to exit Australia amid deepening losses at its flagship investment, Channel 9.
But Lacaze told Travel Today he has received no indication that CVC was intending to exit the business despite acknowledging it was not in the make-up of private equity to commit to the long term.
“I have received no indication that CVC is planning anything in relation to JTG,” Lacaze said. “It has a larger investment in Mantra and perhaps it feels it is the right time to move on that front. “
While CVC sits on the JTG board, nothing is discussed regarding the future plans or intentions of shareholders, he said.
“They are very private. My responsibility is to run the company and get a result,” he said. “But I would not be the last to know and I have had no indication that the speculation is true.”
Observers said a strong year-end result for JTG could spark a move by CVC.

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