Autohellas last month signed a preliminary agreement for the purchase of the majority shares in Manos Travel. The purchase places Autohellas in a position to expand services offered to the tourism sector. With its Hertz franchise, the company expects to post revenue of 24 billion drachmas this year through its 100 branch offices positioned strategically throughout Greece.
Manos, founded in 1965 holds the number one position in travel and tourism package sales to Greek consumers – about 50,000 annually – traveling abroad. The company has 40 sales centers throughout the country. Many are run on franchise agreements. The company also has developed a strong presence in the conference tourism sector as well as in the organization of incentive travel for larger Greek company employees. Last year, total revenue for Manos Travel reached 10.8 billion drachmas. This year, the company expects to post more than 12 billion drachmas in revenue.
Autohellas says it will invest heavily in their new acquisition once the final agreement, which awaits inspection of the Manos financial data, is signed. The investment will concentrate on the quick expansion of the Manos franchise system and on additional tourism products.
Manos Tsatsakis, chairman of Manos Travel, will retain his position in the company. Additional information on the friendly buyout, as well as concise business plans, is expected once the final agreement is signed and once the purchase is approved by the competition committee.