Corporate Travel Management acquires DC agent Diplomat Travel
Australian firm Corporate Travel Management has acquired Washington DC agency Diplomat Travel in a double deal along with the takeover of UK firm Chambers Travel.
The acquisition of Diplomat Travel will give CTM a presence in 18 cities across eight US states.
"Diplomat Travel has a highly capable team with some of the finest expertise in the industry that we have ever seen. The Diplomat Travel team will provide an excellent East Coast base to deliver future growth," said CTM’s managing director, Jamie Pherous.
"Both acquisitions meet our strict acquisition criteria. They possess capable and passionate management teams, are leaders in corporate travel in their respective regions, enjoy high client and staff retention," he added.
"This has a significant benefit in allowing us to be more creative and responsive in our effort to provide our highly customized travel service to a greater client base into the future,” said Diplomat Travel managing director, Denise Guida.
The cost of the combined acquisitions is thought to be about $44.6m.
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