Australia’s Corporate Travel Management has bought 1000 Mile Travel Group in an all-share transaction.
Terms of the deal were not fully disclosed, but on Friday CTM issued 106,336 fully paid ordinary shares to Zazi Pty Ltd, in its capacity as trustee of the Zazi Investment Trust, as part consideration for the acquisition of 1000 Mile Travel Group.
This element values the deal at more than $1.3 million.
Founded in 2015, 1000 Mile Travel Group is a network of independent travel experts who handle corporate, group, cruise and leisure bookings.
CTM said the acquisition will help it expand its “independent consultant footprint” in the small and medium enterprise market in Australia, the UK and North America — a region where it’s been heavily investing over the past two years.
CTM snapped up U.S.-based Travel and Transport for $195 million in September 2020, months after acquiring Texas-based Corporate Travel Planners.
Closer to home it recently bought Melbourne-based Helloworld Corporate for $127 million.
The deal comes at a time when travel management companies are desperately seeking to recruit more consultants to cope with renewed demand for business trips.
“Our business was established to meet the needs of the independent corporate travel business owner market, and our business model has grown from strength to strength,” said Ben Ross, 1000 Mile Travel founder and managing director. “That model has never been more in demand than it is in the post-pandemic environment, and we’re excited to take the next step of our growth journey with CTM.”
CTM founder and managing director Jamie Pherous added the agency was “well-placed to expand the 1000 Mile Travel model into our largest markets of North America and the UK.”
Tags: australia, business travel, corporate travel, ctm, travel management