Meal ticket market consolidates

Accor Group, one of the leading players on the international lunch voucher market, has acquired the controlling interests in Hungastro, Romania”s number three company with a market share of 15-20%.

The Romanian meal ticket market is currently worth 700-800 million euros.

Through its local division Accor Services, Accor is now battling over the market leader position with the domestic branch of another major international group, Sodhexo Pass.

Several foreign registered companies of the Accor Group, acquired 16% in Hungastro from the UDMR (Democratic Alliance of Hungarians in Romania) senator Verestoy Attila last month. Accor previously acquired 35% in the company in 2003.

Competition Council rules say that 51% gives Accor “sole control” over the company.

Despite this, representatives of both companies say that each issuer will continue to operate independently. “There are no merger plans. The companies will continue to operate on a competitive market,” Verestoy Attila told Ziarul Financiar.

Emmanuel Malan, Accor Services general manager, said the two companies would continue to operate independently. “The negotiation was conducted on an international level between Hungastro and the Accor Group. Hungastro will continue to retain control over operations, with no merger being planned with the local branch of the group,” he said.

Verestoy Attila will remain a Hungastro shareholder with approximately one third of the capital. He does not rule out selling the remaining shares, however, if Accor”s decisions start to affect the minority shareholders” interests.

Accor Services and Sodhexo Pass are the most important issuers of lunch vouchers in Romania, each accounting for around one third of the market. If it decides to take over Hungastro entirely, Accor Services will become the largest player with nearly half of the total market.

Under the circumstances, Sodhexo Pass may also decide to buy a company. Market sources say they are already in negotiations with some smaller issuers, such as BluTicket from Timisoara, which is owned by Italian investors, or ProServ from Galati. The Timisoara-based issuer had a 3% market share at the end of last year, ahead of ProServ”s 2.3%.

Rumours on the market say that the portfolio of International Financial Services ?” the Turkish-owned company that issues Bon Appetit tickets – could be acquired by Cheque Dejeuner, the meal ticket division of yet another international group. Cheque Dejeuner was number five in Romania at the end of last year with an estimated 4.5% of the market, while Bon Appetit accounted for 7.5%. Representatives of the two companies had not commented on this information by the time this story was ready for print.