Corporate Travel Management Limited (CTM) has acquired Travel and Transport, Inc. (T&T) including its Radius Travel business for AUD$275 million, to create one of the world’s leading global mid-market corporate travel managers.
Founded in 1946, T&T is a leading US travel management company with its headquarters in Omaha, Nebraska and with large scale operations across the globe.
CTM says its geographical footprint and sector exposure are highly complementary, adding AUD$3.62 billion to CTM’s North American 2019 revenue, as well as expanded operations in the UK, Germany and France.
Radius Travel is a global network of corporate travel agencies in more than 100 countries and has a highly successful hotel program, offering highly competitive corporate rates across 44,000 hotels in 160 countries, to enhance CTM’s global hotel offering.
For North American customers, the enlarged business offers an expanded and highly experienced team and technology suite, bolstered by CTM’s strengths in Europe and Asia Pacific.
Despite the challenges and financial hit brought about by COVID-19 over the last several months of 2020, CTM says they come into this in a very strong liquidity position with no debt, AUD$126.82 million of net cash and an undrawn committed facility of approximately AUD$181.82 million.
T&T will be rebranded to CTM and the combined company say they will represent a common value proposition of personalised client service excellence and innovative client-facing technology delivering an unparalleled return on investment for clients.
T&T’s high-quality leadership team will combine with CTM in a seamless structure that will see Kevin O’Malley as CEO North America, Maureen Brady as COO alongside Josh Weiss as CFO and Tim Fleming as President and Integration lead.
Integration is underway and will happen quickly due to the current reduced customer activity, allowing the combined business to emerge from COVID-19 in a strong competitive position.
Speaking about the deal, CTM founder and Managing Director, Jamie Pherous said:
“We are excited to bring our two companies together under the CTM umbrella. Travel and Transport has an incredible reputation and a long history of success within the global travel industry, and we have shared views about delivering personalised service and proprietary technology to generate strong returns for clients on their travel investments.”
Jamie Pherous, CTM founder and Managing Director
Chief Operating Officer Maureen Brady said “The acquisition will give CTM optimal scale in North America to create revenue synergies and new client benefits by leveraging increased buying power and the best of our technology, analytics and customer insights across the wider business. We very much look forward to working as a combined team to ensure our customers and employees receive the best benefits and greatest opportunities.”
T&T CEO, Kevin O’Malley said, “We are excited about the opportunities for our people and our clients by becoming part of a growing, world-class TMC. We were very impressed with CTM’s technology, in particular the Lightning online booking tool, and CTM’s strength in the Asia Pacific region. CTM will be a great place for our employees to call home.”
Find out more: www.travelctm.com