Mondee acquires Consolid and Interep to strengthen position in Latin America

Travel tech provider Mondee has acquired two B2B travel providers to grow its presence in Latin America: Mexico City-based Consolid and São Paulo-based Interep. The purchases, both announced Monday, follow the acquisition of São Paulo-based Orinter Tour & Travel in January. 

“The recent acquisitions of Orinter, Interep and now Consolid further reinforce Mondee’s growing market presence in Brazil, Mexico and throughout the Americas,” said Mondee’s chairman, CEO and founder Prasad Gundumogula.

“Our strategy is to continue expanding our footprint in [Latin America] and other attractive global regions through the acquisition of businesses that complement and synergize with our existing solutions.”

Mondee, which is based in Austin, Texas, became publicly traded on the Nasdaq on July 19, 2022 under the ticker symbol MOND.

The company said it purchased Consolid for approximately $4 million in cash, plus an additional future earn-out of cash and shares in Mondee stock with a combined value of up to $5 million to increases in adjusted EBITDA.

Consolid operates in the air and ground-arrangement travel markets in Mexico through its Consolid and Travel Fan brands. The company’s net revenue last year was approximately $8 million, with a 6.8% take rate, and its 2022 adjusted EBITDA was more than $1 million.

This acquisition will expand the distribution of Consolid's travel content through Mondee’s network of more than 55,000 travel affiliates. Meanwhile, Mondee will gain access to additional regional and local content while introducing fintech and ancillary solutions to Consolid customers, according to the companies.

Interep, which focuses on the luxury market, had adjusted EBITDA of approximately $2.8 million in 2022. Interep’s distribution network of 3,100 active affiliates and travel experts mostly serves affluent leisure travelers.

The Interep transaction is valued at $8.9 million, with $4 million paid in cash at closing, $720,000 in cash over a three-year period and 416,000 shares of Mondee stock, plus an additional earn-out to be paid over a three-year period, linked to increases in adjusted EBITDA.

Established in 2011, Mondee operates 17 offices across the United States and Canada and has core operations in India, Thailand and Greece. Its network includes more than 55,000 leisure travel advisors and gig economy workers, 500 airlines, 1 million hotels and vacation rentals, 30,000 rental car pickup locations and 50 cruise lines.