Acquisition of Travel Managers Group (NZ) and Executive Travel Group.
Flight Centre has this afternoon announced the acquisition of New Zealand’s Travel Managers Group and Executive Group, with the move set to “increase its leisure and corporate travel market share” across the Tasman.
Travel Managers Group, which is not associated in any way with Australia’s TravelManagers home-based agency network, is a mainly leisure-focused group offering systems and support services to a network of over 180 individual travel brokers, as well as a 22-store franchise network.
Executive Travel Group is NZ’s “largest independent corporate travel management company,” with the addition said to consolidate Flight Centre’s position as one of the country’s biggest TMCs.
Flight Centre md Graham Turner said NZ was now the company’s fifth largest business globally by sales, behind Australia, the USA, the UK and Canada.
“Executive Travel and Travel Managers are profitable businesses, generating earnings before interest, tax, depreciation and amortisation in excess of NZ$3 million annually, with sold growth trajectories and good track records of success,” he said.
Turner said the additions would see Flight Centre NZ go close to achieving NZ$1.5 billion in sales during the 2018 fiscal year.
More details in tomorrow’s issue of Travel Daily.