SAN DIEGO and NEW YORK, Aug. 8, 2017 /PRNewswire/ -- CI Capital Partners ("CI Capital"), a New York-based private equity firm, and AlliedPRA, a leading destination management company, announced today that an affiliate of CI Capital has acquired a majority interest in AlliedPRA from UK private equity firm Core Capital Partners LLP. The management team of AlliedPRA will continue to lead the company and has a significant equity ownership in the company. Terms of the transaction were not disclosed.
The destination management sector is a sub-segment of the $280 billion business events industry. The business events industry is comprised of corporate meetings and events, incentive travel programs, conventions and conferences. AlliedPRA supports its clients' off-site business events by providing activity and transportation solutions, and other destination-specific services. AlliedPRA works closely with its clients, which include Fortune 100 companies, to ensure their business events are successful.
"Since its founding over 30 years ago, AlliedPRA has become the leading destination management company in the United States," stated Tony Lorenz, Chief Executive Officer of AlliedPRA. "Together with CI Capital, we believe there is an opportunity to extend AlliedPRA's scale and scope, creating more value for our customers in this critical area."
"AlliedPRA is an impressive business, which we believe is well-positioned to consolidate the fragmented destination management industry," said Timothy Hall, Managing Director, CI Capital. "We look forward to working with Tony and his team to execute their plan for AlliedPRA and help shape the future of this industry."
Jordan Edmiston Group acted as sell side advisor to AlliedPRA.
About AlliedPRA: Founded in 1981, AlliedPRA, is the leading destination management company in the US, with a reach to over 100 destinations, serving many of the most respected brands in every major industry sector. Learn more at alliedpra.com
About CI Capital Partners: CI Capital Partners LLC, a leading North American private equity investment firm with approximately $2.4 billion in assets under management, has been investing in middle-market companies since 1993. Since inception, CI Capital and its portfolio companies have made over 230 acquisitions representing over $8 billion in enterprise value.
About Core Capital Partners: with £218m funds raised to date, Core Capital Partners LLP is a UK private equity manager investing up to £25m per deal in the UK lower-mid-market. Core Capital partners with fast-growing businesses and ambitious management teams looking to scale their operations. For more information, please see: www.core-cap.com
Media Contact: Daniel Yunger, Kekst & Co., 212.521.4800
SOURCE CI Capital Partners