Corporate Travel Management Limited (CTM) has agreed to acquire Travel and Transport, Inc. (T&T), including its Radius Travel business, for AUD$274.51 million. T&T will be rebranded to CTM.
Strong cultural alignment is a strategic driver of the acquisition, alongside adding significant presence to CTM’s North American operations. 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, AUD$126.82 million of net cash and an undrawn committed facility of approximately AUD$181.82 million.
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.
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.
T&T CEO, Kevin O’Malley said, “Travel and Transport has been in business for 74 years, growing from a one-person operation in Omaha, Nebraska, to one of the largest corporate TMCs in the US.
“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.”
