November continues to be a month of consolidation in the travel industry as FROSCH, a member of the Signature Travel Network consortium, has just announced its acquisition of Summit Travel Group. Earlier this month Tzell Travel Group, a member of Travel Leaders Group, merged with Protravel International Inc.
Travel Agent has learned that Summit is currently an American Express affiliate agency but will be a part of Signature as of January 1, 2013 when Summit becomes FROSCH. Summit earns an annual sales volume of $60 million and FROSCH currently has an annual sales volume of $1 billion. FROSCH and Summit Travel Group specialize in luxury and high-touch corporate travel, the companies report.
Bryan Leibman, president and CEO of FROSCH, says, “We share the same approach to the business. We’re both privately owned companies that believe in and follow an individual, personalized approach. Our dedication to the individual traveler – whether corporate or leisure – is what makes us so compatible. In addition, the merger will bring enhanced negotiating strength to both agencies.”
Ed Phillips, co-managing director of Summit Travel Group along with Dan Freeman, says, “The combination of FROSCH and Summit Travel Group reinforces for our clients Summit’s unrelenting commitment to quality, service and value that has characterized our organization and people for nearly 50 years.”
The acquisition comes at a time of continuing consolidation for the travel industry. When news of the Tzell – Protravel merger broke, Bob Sweeney, president of travel industry merger and acquisition firm Innovative Travel Acquisitions, told Travel Agent, “The landscape is changing from the top down. Watch for middle market acquisition activity to increase in the next 90 days followed by more than normal merger activity amongst smaller agencies.”
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