Spain's GED consolidates travel group with Prestige Tours
Spanish investment fund GED has bought the majority stake in
travel agency Prestige Tours from businessman Mircea Vladu, founder
of the company, who will be executive manager of the company. The
acquisition was made through travel agency Happy Tour, controlled
by the Spanish fund.
This transaction helps GED consolidate its strategy of creating the
biggest group on the Romanian travel market. Only a few months ago,
the fund bought Paravion.ro online platform, and corporate and
deluxe travel company Travel House. With 43 million euros in
consolidated turnover in 2010, the travel group includes all
corporate segments, conferences (Happy Tour), holidays (Travel
House and the Happy Tour agency network), online (Paravion) and
tour operator services (Prestige Tours).
Prestige Tours ended 2010 with 10 million-euro net turnover and a
net profit of 250,000 euros. The travel agencies market is valued
at 500 million euros.