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Tzell Purchase FinalizedAugust 2, 2007 By: Debbie Strong Travel Agent
The senior management team at Tzell Travel Group has announced that it successfully repurchased the company from Ireland-based CnG Travel Group, which bought decades-old Tzell Travel company four years ago. The $18 million buyout was led by Tzell's president and CEO Barry Liben, who spoke to Travel Agent yesterday about future plans for Tzell. "We'll continue to look at travel businesses to add to our company. Merrill Lynch financed our deal and has given us a very healthy credit line, which we plan to use; we are actively looking." Liben continued to run Tzell during the past four years, and says that he and his management team, which includes Tzell executive vice presidents David Buda and Jerry Behrens; senior vice presidents Cindy Schlansky, and Scott Booth, David Holyoke and Sara Sessa; and chief financial officer Willie Lynch, sold Tzell in 2003 because it made good economic sense at the time. All willremain in their current positions. "We wanted to bring it home," says Liben.