TBA Global, a portfolio company of J.H. Whitney & Co., has sold its U.S.-based Destination Management Services operations to Switzerland’s Kuoni Travel Holding Ltd. No financial terms were disclosed. Edgeview represented TBA on the sale.
Edgeview, a CIT company, is pleased to announce that the U.S.-based Destination Management Services operations of TBA Global have been sold to Kuoni Travel Holding Ltd. of Zurich, Switzerland.
TBA Global is owned by an investor group led by JHW Greentree Capital, an affiliate of J.H. Whitney & Co. of New Canaan, Conn. JHW Greentree retained Edgeview to serve as the company’s exclusive financial advisor during the transaction, which closed Monday, Feb. 1.
Terms of the transaction were not publicly disclosed.
Based in New York, TBA Global’s U.S. Destination Management Services division provides turnkey organization of group transportation and logistics, tours and activities, food and beverage and other event-related guest services. TBA Global acquired the division in its 2005 acquisition of Production Group International Inc.
Kuoni Travel operates 40 offices worldwide, focused on leisure travel and destination management. The TBA Global team of 65 employees, including managers, will transfer to Kuoni and become part of Kuoni Destination Management USA (AlliedTPro).
“We are very excited about the Destination Management Services Division’s future with Kuoni Travel and appreciate the broad net Edgeview cast to find the right partner for the business,” said TBA Global Chief Executive Officer Robert Geddes. “This transaction allows TBA Global to focus on its core strategic objectives going forward and finds the right home for the U.S. Destination Management Services operations.”
Edgeview bankers also advised on the September 2008 sale of JHW Greentree portfolio company Jan-Pro Holdings to an investment group led by Webster Capital.
“With this transaction, Edgeview once again showed its ability to manage a process that isolates the right partners for a business and ensures a good outcome for shareholders,” JHW Greentree Principal Mike Cowan said. “We are very pleased with the results of this sale, particularly in light of the broad economic challenges facing the travel industry.”
Edgeview’s team for the transaction included Managing Director John Pollock, Director Meg Montague Lauck, Associate Daniel Sadusky and Analyst Jenny Betzwieser.
JHW Greentree Capital, L.P., (www.jhwgreentree.com) a U.S. Small Business Administration licensed Small Business Investment Company (SBIC), continues J.H. Whitney’s tradition of investing in America’s small businesses, seeking to make private equity investments of up to $15 million. Greentree, J.H. Whitney’s third and largest SBIC, is fully supported by the firm’s extensive network and substantial resources as well as its private investors, an impressive group of approximately 60 CEOs, executives, and entrepreneurs who have built successful companies in a wide range of industries.
TBA Global (www.tbaglobal.com) is an award-winning engagement marketing and communications agency that connects brands to people. TBA Global helps brands reach employees, business audiences, and consumers through a wide range of effective digital and live experiences that drive engagement and revenue. The agency is headquartered in New York with offices in North America and the U.K.
Kuoni Destination Management, (www.kuoni-dmc.com) one of the world’s leading Destination Management Companies (DMC), is a division of the Kuoni Group (www.kuoni-group.com). The company provides a wide range of destination and event management services at destinations all over the world. Its international network consists of over 60 DMCs and some 20 sales offices throughout Africa, Arabia, Asia, Australia, Europe, India and the United States.
Edgeview (www.edgeview.com) is a leading investment bank focused exclusively on the middle market. Edgeview has closed deals in over 15 industry sectors, including aerospace and defense, building products, business services, consumer products, diversified manufacturing, energy services, healthcare, technology, and transportation and logistics. Edgeview is part of CIT, a leading provider of finance solutions for companies throughout the middle market.
CIT (NYSE: CIT) is a bank holding company with more than $60 billion in finance and leasing assets that provides financial products and advisory services to small and middle market businesses. Operating in more than 50 countries across 30 industries, CIT provides an unparalleled combination of relationship, intellectual and financial capital to its customers worldwide. CIT maintains leadership positions in small business and middle market lending, retail finance, aerospace, equipment and rail leasing, and vendor finance. Founded in 1908 and headquartered in New York City, CIT is a member of the Fortune 500. www.cit.com