BoG’s Investment Arm Buys N-Tour, mGroup Shares

Bank of Georgia’s (BoG) private equity investment vehicle, Galt & Taggart Capital, purchased shares into a tourism operator N-Tour and mGroup, a hotel, restaurant and cafe management company in Georgia. Sum of the deal was not disclosed.

Galt & Taggart Capital has purchased a 30% equity interest in N-Tour – an outgoing tourism operator in Georgia, which operates charter flights to Turkey and Egypt. Earlier this year N-Tour established a 70%-owned subsidiary in Azerbaijan and a wholly-owned subsidiary in Georgia, which focuses on internal tourism.

This week Galt & Taggart Capital also announced the acquisition of a 50% equity interest in mGroup – the firm which manages 11 restaurants and cafes in Tbilisi and Batumi, two hotels in the ski resort of Bakuriani and a guest house located in Telavi.

Galt & Taggart Capital announced in May about purchase of 30% of Caucasus Automotive Retail (CAR) – an authorized dealer of Ssang Yong SUVs in Georgia and Armenia and a selling agent of Daihatsu and Subaru cars and SUVs in Georgia.