TD breaking news – Flight Centre takes 49% stake in Ignite Travel Group
Investment to fast-track $100 million TTV Gold Coast-based Ignite Travel Group’s growth.
Flight Centre has just announced the acquisition of a 49% stake in the Ignite Travel Group, which operates the various MyHolidayCentre brands along with RewardsCorp and Holiday Exclusives.
Flight Centre md Graham Turner said the investment would deliver new distribution opportunities to the company’s suppliers as well as offer new product options for Flight Centre customers.
“Ignite has innovative consumer products and distribution models with strong potential across its core business units in Australia and overseas in the future,” Turner said. “In particular we see strong and rapid growth opportunites for the Exclusives voucher business, which operates in a market that is exciting and growing rapidly”.
Ignite Travel Group was founded in 2005 by its managing director Randall Deer, and is expected to record total transaction value during the 2017 financial year in excess of $100 million.
Deer will continue to operate Ignite independently from Flight Centre, chairing a four-person board which will also include two FLT representatives. “This represents an exceptional opportunity for us to grow market penetration for our unique products and models, both locally and globally, while maintaining our exclusive supply chain relationships,” he said.
The companies confirmed there are provisions in place for FLT to increase its holding in the future, subject to mutual partnership performance requirements.
More details in tomorrow’s issue of Travel Daily.
The above Breaking News Alert was sent to Travel Daily subscribers on 14 Sep 16
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