Direct Travel, Inc. Acquires Caldwell Travel of Brentwood, TN
DENVER, April 14, 2014 /PRNewswire/ -- Direct Travel, Inc. (DTI), a leading travel management company specializing in business travel management, announced it has signed a Stock Purchase Agreement whereby DTI has acquired Caldwell Travel, a regional travel management company based in the Nashville, TN area.
Caldwell Travel was established in 1977 and had grown to be a leading travel management company in Tennessee. With business totaling US $50 million in annual air volume, Caldwell Travel's client base has been primarily located in the United States, providing services including: corporate travel management, groups, meetings and incentives, and leisure travel. Caldwell Travel's corporate clients include several publically traded healthcare companies, publishers, music industry record labels, manufactures, as well as smaller companies in various industries.
Reflecting on Caldwell Travel's 37 years in the travel industry, William Caldwell, Caldwell Travel's Owner/President, acknowledged the accelerated pace of change he has observed specifically over the past decade. "As companies of any size seek to grow and expand across borders, increased investment is needed to provide the level of technology and service clients and their travelers have come to expect," stated William Caldwell. "The Caldwell Travel management team feels Direct Travel is best suited to deliver those capabilities over the long term," he continued, "and of particular importance to us, Direct Travel's proven track record with clients of all sizes and entrepreneurial spirit and innovation."
William Caldwell added, "We were attracted to Direct Travel specifically because of the long-held respect we've had for the organization as a competitor. I'm pleased we now have the opportunity to join forces for the mutual benefit of our collective employees and clients."
With the purchase of Caldwell Travel, Direct Travel not only expands its presence in the southern region of the U.S. but also furthers its established growth strategy, which includes increased growth in the small and medium enterprise (SME) market and targeted acquisitions, along with sales to new and existing clients.
"Caldwell Travel's expertise at serving SME clients in the south will greatly benefit Direct Travel more broadly in this key market," noted Ed Adams, CEO of Direct Travel, Inc. "I look forward to blending the Caldwell Travel team's considerable industry expertise and customer focus with ours," added Sam DeFranco, Direct Travel's Regional President. "I am excited to bring together two companies intent on accelerating innovative solutions for our corporate travel customers and better differentiating us for success in a highly competitive industry. I would also like to personally welcome Direct Travel's newest employees and clients to our organization." Direct Travel, Inc. welcomes more than 50 employees as a result of the acquisition.
About Caldwell Travel
Founded in 1977, Caldwell Travel is a corporate travel management firm headquartered in Brentwood, Tennessee. The Agency has an annual volume in excess of $50 million and a staff of 50. Caldwell Travel services approximately 140 customers in the Nashville area with a focus on clients in the health care sector. Caldwell Travel has unmatched stability in the travel industry with no turnover in management and an average tenure per agent of more than 10 years. Caldwell Travel enjoys strong, long-standing relationships with its customers and is regarded as the one of the premier independent providers of travel management services in Nashville.
About Direct Travel, Inc.
Direct Travel, Inc., the parent company, is a privately held corporation established in 2011, with the goal to create a $1.5 billion dollar company by rolling up several mid-market corporate travel agencies. The company is currently comprised of three unique brands nationwide—Directravel, CTS, and Travel Management Corporation. As previously publicized, all Direct Travel Companies will operate under the company's flagship brand, Direct Travel, Inc., on May 14, 2014. Each agency has been providing travel management services successfully for over thirty years, by working with clients to develop customized travel programs. Direct Travel employs over 350 travel professionals nationwide with locations in Mahwah, NJ, New York City, Baltimore, MD, Scranton, PA, Chicago, IL, Milwaukee, WI, Minneapolis, MN, Nashville, TN, San Francisco and San Jose, CA. Direct Travel, Inc. is ranked among the top US corporate travel management firms.
SOURCE Direct Travel, Inc.