Australia’s CTM acquires Redfern Travel
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Australian-based travel provider Corporate Travel Management has expanded its global footprint with the acquisitions of UK-based Redfern Travel and Australian-based Andrew Jones Travel.
The acquisition of Redfern Travel will make CTM one of the top seven corporate travel management companies in the United Kingdom.
CTM MD Jamie Pherous said the Redfern Travel transaction would allow CTM to build and leverage scale, and is expected to take its consolidated European Total Transactional Value (TTV) to GBP500-550 million in the next financial year.
“Redfern Travel’s key competitive advantage is its proprietary, automated end-to-end system, which processes more than 95 per cent of all transactions online, creating highly scalable operation,” Jamie Pherous said.
“After working with their management team through this process it became very clear that Redfern are a complementary business to CTM in the region; they possess a highly experienced and passionate management team, an innovative culture that has created some of the best end-to-end automation I have ever seen in our industry, and together we will create new opportunities to grow in the UK and European markets.” said Pherous.
Redfern Travel CEO Mark Bowers said the partnership was a natural fit, as CTM’s focus on innovation aligned with Redfern’s strategic vision, and would help to accelerate the development of its technology.
“We have had many suitors for Redfern over the years, so it is refreshing to be working with a like-minded company who value innovation and customer service as much as we do,” Mark Bowers said.
“Our new relationship with CTM will provide us with the resources to accelerate the development of our technology, products and services, as well as the opportunity to leverage CTM’s increased buying power and scale in our core markets.”
Collectively, the Redfern Travel and Andrew Jones Travel acquisitions are expected to contribute approximately AUD7.0 million EBITDA from February to June, 2017. On an annualised basis, Redfern Travel and Andrew Jones Travel would contribute to CTM approximately AUD17.0 million (approximately GBP10.1 million).
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