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Kuoni acquires US DMC
2/3/2010 10:49:00 AM
The Kuoni Group continues to pursue its growth strategy in 2010. Kuoni acquired as of February 1 from the US-based TBA Global, LLC its American destination management division. The move enables Kuoni to further expand its own US destination management activities in the meetings, incentive, conference and event organisation field. The new acquisition will be incorporated into Kuoni Destination Management and managed by AlliedTPro in the USA.
TBA Global’s destination management division was originally established in 1990 under the name of PGI, and was acquired by TBA Global in 2005. The division’s US operation currently has nine business centres in the country’s major cities, and generated net turnover of around CHF 24 million for the 2009 business year. The new acquisition specialises in organising destination services for meetings, incentives, conferences and events (MICE). Its current client base includes several major US corporations. It will now be marketed as a Kuoni Destination Management operation.
All of the 65 employees affected will transfer to Kuoni under the terms of the acquisition. The current management team will also continue to ensure the business’s further positive development within Kuoni Destination Management (AlliedTPro). The parties agreed not to divulge the purchase price involved.
“This latest acquisition further expands our US destination management activities in the event organisation field,” says Peter Rothwell, CEO of the Kuoni Group. “This is a market which, even after the present financial and economic crisis, offers the prospect of better than of average growth.”
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