Direct Travel, Inc. Closes on Fifth Travel Management Company Acquisition.
DENVER, April 16, 2014 /PRNewswire/ -- Today, Direct Travel, Inc. (DTI), a leading travel management company specializing in business travel management, announced that it has acquired Travel Destinations Management Group (TDMG) of Owing Mills, MD. This move marks the company's fifth acquisition in three years, and comes just days following their announcement of the acquisition of Nashville based, Caldwell Travel. Direct Travel has signed a Stock Purchase Agreement whereby DTI has acquired Travel Destinations Management Group (TDMG), a regional management company based in the Baltimore, MD area.
Travel Destinations Management Group was established in 1970, and had grown and prospered with an account base ranging in size from small and midsize companies to Fortune 500 corporations. With business totaling more than US $100 million, TDMG provides a complete range of travel and planning management services, with a focus on servicing clients in the Pharmaceutical sector.
Reflecting on Travel Destinations Management Group's 44 years in business, Ira Weiner, Owner and President, stated, "Direct Travel is a clear leader in the industry due to its deep industry experience, customer-focused service platform and employee programs. Becoming part of Direct Travel was a strategic decision to take the company to the next level and guarantee continued success."
With the purchase of Travel Destinations Management Group, Direct Travel, Inc. not only expands its presence in the northeast 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.
"This acquisition is another major step forward for Direct Travel", said Ed Adams, CEO of Direct Travel, Inc. "It demonstrates our determination to continue to drive our expansion through both acquisitions and organic growth. We anticipate much more to come."
Direct Travel's Regional President, Sam DeFranco, additionally commented, "We believe this is a partnership that will set our agency on a path to accelerated growth, with long-term benefits for clients, employees and shareholders. We are thrilled to welcome the Travel Destinations Management Group team into the Direct Travel Family." DTI welcomes more than 80 employees as a result of the acquisition.
About Travel Destinations Management Group
Headquartered in Owings Mills, Maryland, Travel Destinations Management Group (TDMG) is a privately owned, independent travel management company founded in 1970. TDMG has a volume in excess of $100 million and services approximately 80 customers in the Baltimore area, with a focus on clients in the Pharmaceutical sector. TDMG's divisions consist of Corporate Travel, Vacation Travel, Meetings and Incentives, and Trade Shows. TDMG provides travel and planning management services for accounts regionally, nationally and internationally, and was rated as the best corporate travel agency in Baltimore for the past 7 years.
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.