By bne IntelliNews
Szallas Group, part of the Polish group Wirtualna Polska Holding, announced it took over an 80% stake in the Romanian tour operator Creative Eye, which operates the online platform LitoralulRomanesc.ro, for €16.8mn adjusted for net cash as of the closing date.
The deal will widen the offering of Romanian tour operator Travelminit.ro, which Szallas Group previously took over in 2020.
“The acquisition of Litoralulromanesc.ro is a milestone in our development in this country. It is a combination of two businesses that operate in tourism but have different yet complementary characteristics,” said Ferenc Rigo, CEO of Szallas Group.
“Travelminit focuses on leisure tourism getaways to smaller inland accommodations, while Litoralul Romanesc is the country’s leader in vacation getaways to Romanian seaside resorts. Together, we will be able to offer our customers a comprehensive travel offer,” Rigo added.
With almost 20 years of experience in the local tourism market, Creative Eye/LitoralulRomanesc is the largest holiday retailer in the Black Sea resorts both in terms of number of tourists and turnover.
The planned sale of the remaining 20% stake in 2025 will bring the value of the deal to €21mn.
The target company has a portfolio of more than 500 accommodation units where, in 2023, tourists made reservations with a total value exceeding €45mn resulting in a €3mn Ebitda.
The seller is the local entrepreneur Ionut Nedea, who owns Creative Eye.
The first stage of the transaction involving Creative Eye/LitoralulRomanesc, which will be completed with the fulfilment of the suspensive conditions, especially with the approval of the Competition Council, involves the Szallas Group taking over 80% of the Romanian company.
The remaining 20% of the company will be taken over by the Szallas Group in 2025, following the approval of the 2024 financial statements, based on a price mechanism established by the sale-purchase agreement.
The rest of the assets under the umbrella of the Creative Eye company — the Opal Hotel in Jupiter and the Amelie brand (hotel apartments) in Mamaia — will be subject to a carve-out process, to be taken over by a new company owned by Ionuț Nedea.
The entire team, including Nedea, will continue their work within the company, which will continue to operate the LitoralulRomanesc brand.
