Apple Leisure Group, parent to one of the largest vacation wholesale companies in the U.S. market, has sold a undisclosed stake in its business to Bain Capital. Financial terms were not disclosed. Newtown, Pa.-based Apple includes top wholesaler Apple Vacations; AMResorts, an all-inclusive resort company with five brands; and Amstar DMC, a destination management company.
The Mullen family, which has owned the company since it began in 1969, will continue to have ownership stakes and executive roles in the company. Alex Zozaya, formerly president of AMResorts, will take on the new role of CEO of Apple Leisure Group.
Unlike most other U.S.-based wholesalers, Apple also owns resorts and a destination marketing company. The vertically-integrated model, though rare in the U.S., is common in Europe. Apple focuses almost exclusively on the Caribbean, Mexico and Hawaii, with a small Europe program.