Acquisition by Ora Hotels
25 July 2012
Brainspark Plc
("Brainspark" or "the Company")
NEW ACQUISITION BY ORH SpA
Brainspark, the AIM listed international investment company, is pleased to announce that its subsidiary, ORH SpA, a hotel management company and travel agent, has acquired 100 per cent of the Long Haul division of Alba Tours srl (the "Long Haul Business"), for a consideration of EUR 100,000, payable in cash, along with some additional commercial agreements.
The Long Haul Business is an Italian based travel company which focuses on a number of popular Mediterranean resorts, as well as East Africa, the Indian Ocean (including the Maldives and Mauritius) and the Caribbean (including an exclusive arrangement in the Dominican Republic with the outstanding Bayahibe resort).
This acquisition confirms ORH's dominant position in the Italian travel industry within its key markets of the Mediterranean and East Africa, as well as strengthening its holding in the Caribbean, following the acquisition of Un Altro Sole in May 2012.
ORH's long term strategy is to become Italy's leading aggregator of long-haul destination holidays and, following the opening of its new resort in Mozambique, it now provides access to 13 out of the 14 long-haul destinations provided by Italy's three charter airlines, making it the first Italian tour operators to provide such diversity. ORH continues to take advantage of the current poor economic conditions by seeking similar acquisition opportunities which will improve its product into the market.
In 2012, the Long Haul Business is expected to report revenue of EUR 5 million with an operating margin of 15%.
Alfredo Villa, Executive Chairman of Brainspark, commented, "ORH continues to perform well despite poor market conditions in Italy. Through this and future acquisitions, we hope to quickly establish ORH as the industry leader in Italy for Mediterranean and long-haul holidays."
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For further information please contact:
Brainspark plc +39 02 525 051
Alfredo Villa, CEO
Westhouse Securities +44 (0) 20 7601 6100
Antonio Bossi
Jonathan Haines
Leander PR +44 (0) 7795 168 157
Christian Taylor-Wilkinson
About Brainspark Plc
Brainspark plc (AIM: BSP) is an AIM listed investment company pursuing a dynamic strategy to create a comprehensive portfolio of companies primarily encompassing the interactive media, leisure, entertainment and financial services sectors mainly in Italy but also other European countries. The Company may be either a passive or active investor and Brainspark's investment rationale ranges from acquiring minority positions with strategic influence through to larger controlling positions.
This information is provided by RNS
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