Corporate Travel Management has further bolstered its presence in the US with the acquisition of Houston based travel company, Avia International Travel (Avia).
CTM managing director Jamie Pherous said the acquisition was a perfect fit for the company with better leverage through combined buying power, client facing solutions and support expertise.
Avia’s great service reputation and “hands on” management approach will allow CTM to become a more significant player in the North American market.
CTM listed geographic strategy, specialist sectors, strategic alignment and scale of operation as strategic rationales behind the acquisition.
Avia president Antonella Ballatori said “the opportunity to become a part of the wonderful team that CTM has built will allow us to enhance product and service offering to our many clients.”
Base consideration is a mixture of cash and CTD shares valued at USD$4.125m, with the acquisition funded entirely from current CTM cash reserves.
Avia is located in Houston, Texas and has been operating 17 years.
