Few weeks after the acquisition of Pravion.ro, Spain-based private equity firm GED expands its reach into the Romanian travel industry by acquiring a majority stake in Travel House, company specialized in providing business travel services and national and international deluxe leisure travel.
The transaction is part of the PE firm’s strategy to become the largest tour operator company in the country able to offer corporate, online, MICE (meetings, incentives, conferences, exhibitions) and leisure services.
The project will be carried on together with Corina Souvannasouck, one of the former owners of Travel House who will remain as a minority shareholder and will join the group as executive director.
Travel House, that reported a turnover of more than €6 million and a net profit of over €110,000 is complementing the corporate travel service range of Happy Tour by targeting different segments of companies and consolidates deluxe leisure travel.
Travel House will keep its name and management structure. With this acquisition Happy Tour is leading the consolidation process that the Romanian travel industry is experiencing.
“After analyzing the strategic goals of Travel House, the best for our clients and all the details of the transaction, we considered that the company would definitely be in a better position to take advantage of the potential recovery of the market situation being part of a more ambitious project and a bigger group. We believe that the Romanian market will experience a consolidation and we wanted to lead the process”, said Corina Souvannasouck.
After the integration, the new Group will be the first in Romania able to offer integrated travel services to its clients by providing all corporate (Happy Tour), MICE (Happy Tour/Travel House), vacation (Travel House) and online services (Paravion). “The goal is to cover all
