Accor Services, the biggest issuer of luncheon vouchers in Romania, estimates it now has 1,500,000 customers and 46% market share after taking over Hungastro, in a deal approved by the Competition Council in mid July.
"In the wake of the merger, we have now two units that complement each other, with a total of 1.5 million users, of which 500,000 came from Hungastro," stated Emmanuel Malan, Accor Services general manager.
Coordinated by Accor's merger team, the takeover of Hungastro started around 5 years ago and was carried out in three main stages. In the first stage (in 2005) Accor took over 35% in Hungastro, which had a market value of 24m euros, according to the former owner, Verestoy Atilla. The following year, Accor boosted its stake in Hungastro to 80%.
"At the time the first contract was sealed, we assessed the company at 24m euros, a value that was raised during the following negotiations. In the final phase, Accor took over the remaining 20%, of which 10% belonged to me. The remaining stock was held by other individuals," stated senator Verestoy Atilla.
For the final 10% stake, Verestoy stated he received almost 4m euros, with future investments to be placed primarily on the Bucharest Stock Exchange.
Accor representatives announced the integration process would continue over the coming period, with the company in Covasna coming under the Accor brand by yearend, thus relinquishing the name Hungastro. However, production centres will continue to operate separately and focus production on areas of regional interest, in line with their individual customer portfolios.
"We intend to develop the Covasna unit because it allows easier access to the area, and the company will continue to produce for its customers in the western part of the country," stated Malan.
At present, 95% of luncheon voucher market is controlled by 4 major players - Accor Services, Sodexho, Cheque Dejeuner and BluTicket. The rest of the market divided among regional issuers.
Accor representatives do not expect spectacular increases on the market because the segment has registered rapid growth since 1998-1999 (when the luncheon voucher law was approved) until now.
The segment has a low growth rate, because development is directly proportional to the number of employees and new companies that pay employees using luncheon vouchers.
Another growth driver on the market is likely to come from public sector, where only health care employees receive luncheon vouchers. The introduction of luncheon vouchers would drive the market up to around 1.5bn euros from its current value of around 1.15bn euros. Market players are anticipating the approval of the draft law concerning the introduction of holiday vouchers, which would also boost their businesses.
Accor Services
Now has 1,500,000 customers and 46% market share after taking over Hungastro
The takeover of Hungastro started around 5 years ago and was carried out in three main stages
Announced the integration process would continue over the coming period, with Covasna coming under the Accor brand by yearend
Does not expect spectacular market increases, because the segment has registered rapid growth since 1998-1999 until now
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