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Executive teams at Frosch as well as existing consortia relationships are expected to remain in place, according to a report by the Beat, a Travel Weekly sister publication.
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TMC acquisitions, mergers and failures have been a feature of the Covid pandemic that has devastated the business travel industry, but last week’s deals took industry consolidation to a new level.
The first saw American Express Global Business Travel (GBT), a legacy TMC well versed in scaling up through acquisition, announce a binding offer to bring Expedia-owned Egencia into its stable.
GBT has already acquired New York-based Ovation Travel Group this year and, most notably, bought HRG in 2018 in a deal that saw it become the UK’s largest TMC. Also established as the world’s largest TMC, the addition of Egencia – which is thought to be the world’s fourth or fifth largest TMC – gives GBT an incredibly dominant position.
Frosch's plans for its new investment
Outsourcing trends in corporate travel management
Finding the right commercial model for TMC clients
New York- and Houston-based Frosch International Travel this week announced that EagleTree Capital had taken an undisclosed minority stake in the agency. Frosch has been bullish on acquisitions during the pandemic, purchasing CorpTrav and Luxe Travel last year and taking a majority stake in Plaza Travel. Frosch CEO Bryan Leibman spoke to BTN editorial director Elizabeth West about the investment and the company's plans amid the industry downturn and recovery. They were joined by Albert Taras, founder and CEO of TCG Consulting, which Frosch acquired in 2019. The following is an edited excerpt of that conversation.
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Private equity firm EagleTree Capital has taken a minority stake in New York City- and Houston-based travel management company Frosch, the companies are set to announce today. EagleTree, a New York-based, middle-market private equity firm, manages approximately $3 billion of capital.
[Disclosure: EagleTree owns Northstar Travel Media, parent company of The BTN Group and Business Travel News.] The terms of the transaction were not disclosed.
Frosch ranked No. 14 on Travel Weekly US's 2020 Power List based on self-reported total revenue of $2.4 billion in 2019, with two-thirds of that tagged as corporate travel.
Mergers and acquisitions have been a key growth strategy for Frosch since its founding in 1972 and has continued during the Covid-19 pandemic. The company last year acquired CorpTrav and Luxe Travel and took a majority stake in Plaza Travel. Frosch acquired TCG Consulting in 2019, bringing advisory insights to match its travel operations expertise.
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After racking up a series of U.S. TMC reseller parterships in 2020, New Zealand-based booking and expense management provider Serko is continuing that momentum into the new year with a new pact with Connoisseur Travel. Under the agreement, Washington, D.C.-headquartered Connoisseur will resell Serko's Zeno booking and expense platform throughout its North American client base.
Connoisseur plans to hit the ground running with Zeno, with 11 implementations on tap within the next 30 days and another 40 within 90 days, according to the TMC. Connoisseur serves a number of law firms and humanitarian organizations for which Zeno's Covid-19-related capabilities are particularly attractive, the company said. Those capabilities include information on supplier hygiene protocols displayed within the booking flow, as well as a filter that enables travelers to search only for hotels that offer free cancellations.