US travel management company, Tzell, has been the subject of a management buy out.
One of the largest travel management companies in the US,
Tzell has been re-purchased from CnG by its senior management team led by CEO and founder Barry Liben.
CnG had purchased the company in 2003 from Liben, who continued to manage the company during the past four years.
Under the terms of the new agreement, Liben becomes the largest shareholder and continues as president/CEO.
Senior managers who joined him include executive vice presidents David Buda and Jerry Behrens, senior vice presidents Cindy Schlansky, Scott Booth, David Holyoke, Sara Sessa and CFO Willie Lynch. They will all remain in their positions.
The deal was financed by Merrill Lynch and Praesidian Capital. Merrill Lynch has also provided a large credit line earmarked for future expansion through acquisitions.
“We are more committed than ever to acquiring new agencies and growing our business,” said Liben.
Tzell is based in Manhattan, with regional offices in New York City, Long Island, New Jersey, Boston, Los Angeles, Phoenix, Nashville, Austin, Savannah, Chicago and Washington State.
By Bev Fearis
