BUCHAREST (Romania), June 30 (SeeNews) - Switzerland-based wellness company Hey, Be Well! has taken over Romanian travel agency Happy Tour, the tour-operator said on Wednesday.
The transaction was completed at the end of June, and the new owner intends to capitalise the company with up to 2 million euro ($2.38 million), Happy Tour said in a press release.
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Hey, Be Well!, whose sole shareholder is businessman Javier Garcia del Valle, has taken over Happy Tour from GED Eastern Fund II, part of the Spanish investment fund GED.
Over a decade ago, Garcia del Valle took over the management of Happy Tour, also becoming a minority shareholder in the company.
"It was a natural decision after so many years at the helm of the company, even if during 2020 tourism was severely affected by the coronavirus pandemic internationally, not just locally. I have always believed in the potential of Happy Tour and the business model I have developed over time," Happy Tour CEO Javier Garcia del Valle said.
"Happy Tour is a strong player in tourism, with a very good team of professionals, and the partnership with FCM, the largest travel management company in the world, shows the development potential, both in Romania and in the foreign markets where we operate."
Despite its revenues halving in 2020 due to the pandemic, the agency managed to retain most of its employees and its entire portfolio of business travel clients.
For this year, Happy Tour estimates that it will swing to profit and post a turnover of at least 34 million euro.
Happy Tour is a corporate and leisure travel company with its own network of associated agencies, developed nationally and internationally. The company operates a network of 71 own and associated agencies, counting 89 point of sales in 51 cities in Romania, Bulgaria, Moldova and Turkey.