Corporate Travel Management Limited (CTM) has agreed to acquire Travel and Transport, Inc. (T&T) including its Radius Travel business for $200.4 million, creating one of the world’s leading global mid-market corporate travel managers, with combined CY19 global TTV of $7.6 billion.
Founded in 1946, T&T is a leading U.S. travel management company headquartered in Omaha, NE with large-scale operations across the globe. Its geographical footprint and sector exposure are highly complementary, adding $2.5 billion to CTM’s North America CY19 TTV, as well as expanded operations in the U.K., 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.
Strong cultural alignment was a strategic driver of the acquisition, alongside adding significant presence to CTM’s North American operations, said CTM is a press announcement. 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. CTM comes into this in a very strong liquidity position with no debt, $88 million of net cash and an undrawn committed facility of approximately $127 million.
T&T will be rebranded to CTM and the combined company will represent a common value proposition of personalized client service excellence and client-facing technology delivering 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, CTM said, allowing the combined business to emerge from Tim Fleming in a strong competitive position.