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.