UK company acquires two US operators for $165 million
First Choice, a leading international leisure travel company, has expanded its presence in the US with the acquisition of two operators.
The UK group has bought INTRAV from Kuoni for $65 million. The company specializes in small ship adventure travel, European river cruises, private jet expeditions and premium escorted tours worldwide.
First Choice has also acquired Grand Expeditions for nearly $100 million from US private equity fund North Castle Partners.
Grand Expeditions operates six companies, principally catering for the 45 – 65 year age groups:
· The Moorings – a premier yacht charter company
· Travcoa – a premium luxury escorted travel expert with a cultural or historical bias
· TCS Expeditions – a leading provider of private jet expeditions around the world
· International Expeditions and Park East – providers of premium escorted nature-based tours Country Walkers – a leading provider of worldwide group escorted walking tours
First Choice Holidays PLC is a leading international leisure travel company. It operates from 17 major source markets, has 8 million customers and 72 brands. The Group reported profit before tax, goodwill amortization and exceptional items of $ 200m for the year ended 31 October 2005. The Group operates in four Sectors each offering a particular type of leisure travel experience. It could be a two-week holiday in the Mediterranean or Florida, a trek up Mount Kilimanjaro, sailing in the Caribbean, a cultural tour in Egypt or booking a hotel for a weekend away.
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