Private equity company GED buys Paravion.ro

Private equity investment company GED has bought the online tourism agency Paravion.ro, the fund has announced. The deal was carried on through tourism agency Happy Tour, in which GED owns the majority participation. Paravion.ro will remain the company in the group to offer airline tickets, hotel reservations and car rental services and will keep its own brand. Paravion.ro posted EUR 5 million in sales last year and expects EUR 7 million for this year. The website was set up in 2005 by Millenium Tour and operates in Romania and Bulgaria. GED owns a portfolio of seven companies in Romania: Diamedix, Total Energy Business, Rosegur, Fonomat, Infopress and RED real estate developer. GED operated in the south-east of Europe and in the Iberian peninsula on the small buyout and growth capital segments. It currently manages several investment vehicles with funds of around EUR 350 million. GED's managing director for South - East Europe is Robert Luke, also one of the founders of the company.