U.S.-based travel management company Direct Travel and
Canada's Vision Travel agreed to merge. "This move is the first step
towards a shared strategy to build a global company," according to a joint
announcement.
Vision bills itself as "the largest independent travel
management company in Canada" and operates in the corporate, meetings,
leisure and loyalty travel segments. It will continue to operate under the
Vision Travel brand in Canada.
The deal should be finalized by the end of the month. When
combined, the companies will count 2,000 employees across North America, handle
more than $3 billion in annual sales and operate offices in more than 60
locations. Prior to this agreement, Direct Travel handled around $2 billion in
annual sales volume.
Since 2011, Direct Travel has completed more than 20
acquisitions on its path to consolidate midmarket agencies in the U.S. Last
year alone, it acquired Atlanta-based Georgia International Travel, Cleveland-based
Traveline Travel Services, Massachusetts-based Colpitts World Travel and
Virginia-based MacNair Travel.
While Direct Travel's acquisitions have brought it a couple
of non-U.S. agency locations, Vision represents its largest deal outside the U.S.
Vision announced its executive team would remain in
place and work "in tandem with Direct Travel’s executive team," which
also will be maintained under the arrangement.