Spanish private equity firm GED continues its aggressive push to lead the Romanian travel industry with the recent acquisition of Travel House. GED acquired 80% of the company just weeks after making a deal for Pravion.ro, an online airline ticket sales portal. GED already owns corporate travel agency Happy Tour, which it acquired in late 2007, and plans to enhance that company’s service through this latest acquisition. Travel House will continue to operate under the current management team and brand name.
Former part-owner Corina Souvannasouck, who still owns a minority share, will hold the position of the group’s Executive Director. Happy Tour’s Javier Garcia del Valle and Paravion’s Remus Visan will also be part of the management team, leading their respective companies.
Travel House (www.travelhouse.ro)
Since 2000, Bucharest-based Travel House has been a leader in the Romanian travel industry, specializing in corporate travel needs while also offering luxury leisure services as well. The firm’s expertise in event planning and MICE (meetings, incentives, conferences, exhibitions) puts it at the head of the industry for Romanian corporate clients.
The Travel House customer list includes well-known names like Sanofi Aventis, AMS Trading, and Search Corporation. Last year Travel House reported more than €110,000 net profit on turnover of €6 million.
GED Private Equity (www.gedprivateequity.com)
GED Private Equity is a Spanish firm specializing in PE investing and real estate acquisition on the Iberian Peninsula. GED was established in 1996 and has since raised and invested five funds, of which four are still active. Current total assets under management amount to more than €350 million. With 30 investment professionals divided into two organizations, GED Private Equity and GED Private Equity Real Estate, the company has offices in Spain, Portugal, Bulgaria and Romania.