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 EUR 16.8 million adjusted for net cash as of the closing date. The planned sale of the remaining 20% stake in 2025 will bring the value of the deal to EUR 21 million.

The target company has a portfolio of more than 500 accommodation units where, in 2023, tourists made reservations with a total value exceeding EUR 45 million, resulting in a EUR 3 million EBITDA.

The seller is the local entrepreneur Ionut Nedea, who owns Creative Eye.

Szallas Group previously took over Romanian tour operator Travelminit in 2020.

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 Ionut Nedea.

With almost 20 years of experience in the local tourism market, Creative Eye (LitoralulRomanesc) is the largest holiday retailer in the Black Sea resorts in terms of both the number of tourists and turnover. 

The entire team, including the founder Ionut Nedea, will continue their work within the company, which will continue to operate the Litoralulromanesc brand.

iulian@romania-insider.com

(Photo source: Szallas.group)