Corporate Travel Management Limited (CTM, ASX code: CTD), today announced the acquisition of Avia International Travel (Avia), a travel company based in Houston, Texas effective 1 September 2014.
CTM’s strategic rationale behind the acquisition:
- Geographic Strategy – Houston is one of the biggest travel markets in the world and Avia will bolster our presence in Houston and Texas generally.
- Specialist in the Oil & Gas and Marine sectors – Avia has specialist resources, technology and fares specifically for this market. Their expertise further complements our strong value proposition to this sector particularly in Australia, Singapore, Texas and Alaska.
- Strategic Alignment – Avia meets CTM’s strict acquisition criteria. They are a leader in corporate travel in their region, specifically to the Oil & Gas and Marine segments, enjoy high staff and client retention, and have a capable and passionate management team.
- Scale – CTM’s combined North American TTV for FY15 will be in excess of USD$500m, allowing us to become a more significant player in the North American market. CTM now operates out of 17 cities across 7 states in North America.
Managing Director, Jamie Pherous said, “We are delighted to have Avia become part of the CTM team. It possesses all the qualities that we look for, having a great service reputation, a dedicated team and great “hands on” management. The combination with our successful and well established offices throughout the USA will allow us to better leverage our combined buying power, client facing solutions, and support expertise moving forward.”
The President of Avia, Antonella Ballatori said, “The opportunity to become a part of the wonderful team that CTM has built will allow us to enhance our product and service offering to our many clients. By expanding our global reach as part of CTM, Avia will add new opportunities to network both US and international clients and work with the other CTM offices to support their US based clients as well. Our employees will see new and exciting career opportunities evolve as a result of our future growth initiatives.”
“CTM has a unique culture of empowerment which has a significant benefit in allowing us to continue to be creative and responsive in our effort to provide our clients with enhanced, customised travel solutions.”
Both Antonella Ballatori and COO Matt Forestieri have elected to take ownership in CTM.