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Bid to Buy Back Tzell TravelMay 31, 2007 By: Debbie Strong Travel Agent
A bid made by Tzell Travel Group's shareholders to buy back Tzell Travel from CNG Travel Group is expected to be approved this month. The $18 million buyout bid is pending acceptance from at least 80 percent of shareholders at CNG, which is based in Ireland. In a recent sit-down with Travel Agent, Barry Liben, president and CEO of Tzell Travel, said he was a leading force behind the buyout offer. "We're all very excited about it," he said, adding that he and his management team sold Tzell in 2003 because it made good economic sense at the time. "But [running the company as a non-owner] didn't have the same feeling for me. We want to bring it home." After taking the company private again, Liben said he plans to continue growing Tzell Travel Group, which is the fourth-largest travel agency in the U.S. Tzell currently has offices throughout Manhattan and branch locations in 10 states, including the recently acquired California-based travel entertainment company, All-Star Travel Group.