Spanish investment fund GED has bought the majority stake intravel agency Prestige Tours from businessman Mircea Vladu, founderof the company, who will be executive manager of the company. Theacquisition was made through travel agency Happy Tour, controlledby the Spanish fund.
This transaction helps GED consolidate its strategy of creating thebiggest group on the Romanian travel market. Only a few months ago,the fund bought Paravion.ro online platform, and corporate anddeluxe travel company Travel House. With 43 million euros inconsolidated turnover in 2010, the travel group includes allcorporate segments, conferences (Happy Tour), holidays (TravelHouse and the Happy Tour agency network), online (Paravion) andtour operator services (Prestige Tours).
Prestige Tours ended 2010 with 10 million-euro net turnover and anet profit of 250,000 euros. The travel agencies market is valuedat 500 million euros.
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