HBX Group International plc (‘HBX Group’ or ‘the Group’), a leading independent B2B travel technology (“TravelTech”) marketplace, completed its successful listing on the Barcelona, Bilbao, Madrid and Valencia Stock Exchanges on 13 February 2025.  

Trading under the symbol ‘HBX’, HBX Group is a leading independent B2B travel technology marketplace, connecting travel product suppliers (including hotels, travel experiences, transfers and car rentals) and travel distributors, totalling more than 635,000 direct connections in the travel ecosystem. Its best-in-class cloud-native and scalable technology platform allows the Group to process up to 6.2 billion searches per day, which provide unique insights for business partners and predicts travel trends. HBX Group is also leveraging AI and developing a wide range of TravelTech solutions, including bespoke Fintech and Insurance solutions for the travel industry. HBX Group is present in 170 countries and employs more than 3,600 people around the globe.

Funds managed and/or advised by Cinven and Canada Pension Plan Investment Board (‘CPP Investments’) (together ‘the Sponsors’) acquired Hotelbeds (which since then has been rebranded as HBX Group) in September 2016. Working closely with the management team, the Sponsors executed an ambitious and transformational “buy and build” strategy, which included the acquisitions of GTA and Tourico in 2017. This served to further internationalise and diversify the HBX platform by expanding in fast-growing Americas and Asia-Pacific markets.

Since acquisition, the Sponsors have supported the management team to implement a portfolio optimisation strategy focused on investing heavily in technological development and diversifying beyond Accommodation into attractive ancillary segments, such as Mobility and Experiences, Fintech and Insurance products, and Hoteltech, allowing the Group to grow significantly and expand its footprint.

The Sponsors also supported the Group during the COVID-19 pandemic with a rapid material capital injection and strategic support in cost-saving measures to preserve the Group’s operations and safeguard HBX Group’s employees and broader stakeholders.

Post-COVID, with the Sponsors’ backing, the Group rebounded strongly, achieving significant growth and further diversifying its core business into attractive tech niches, transforming the Group into a comprehensive global TravelTech marketplace that was consequently rebranded HBX Group in 2023.

Commenting on the IPO, Jorge Quemada, Co-Managing Partner and Head of Cinven’s Iberia regional team, said:  

“Today’s listing marks a significant milestone for both HBX Group and the Sponsors. Seeing our vision come to life is a testament to the hard work, dedication and strategic partnership we have fostered over the years. Throughout this journey, the Sponsors have supported the business in its transformation, including significant acquisitions, driving a focused portfolio strategy and strategically moving away from non-core sectors. This marks the beginning of the next chapter for HBX, and we are excited to see the company continue to grow and thrive in the public markets over time. We very much look forward to continuing our excellent partnership with Nicolas and the rest of the management team.”

Sam Blaichman, Managing Director, Head of Direct Private Equity at CPP Investments added:

“Today’s successful listing in Spain is a testament to our partnership with Cinven and the HBX management team and demonstrates the long-term value of building a word-class organization, establishing high standards of governance and providing strong institutional support during periods of crisis. The business began as a carve-out from a global travel company almost ten years ago, and over that time adapted to a rapidly changing travel industry and emerged as a leading, scaled-up, global, tech-enabled travel marketplace. We look forward to the continued engagement and partnership with HBX and Cinven as this new chapter begins.”

Nicolas Huss, CEO of HBX Group commented:

“Today is a proud moment for all of us at HBX Group and I want to extend my thanks to Cinven and CPP Investments for their unwavering support throughout this journey. Their guidance, expertise and strategic vision have been instrumental in helping us transform the business and position ourselves for our next chapter. We look forward to continuing our long-term growth story and delivering value for all our stakeholders.”