United Kingdom
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Asia Pacific
First Choice moves into Asia with Pacific World purchase
First Choice has bought Asian destination management firm Pacific World for £20 million.
The UK-based company has been looking for a significant entry point into Asia for three years. It was looking to expand distribution for its portal www.hotelbeds.com among other things.
Pacific World, founded by Jacques Arnoux in 1982 and later joined by Bob Guy, had the vision of becoming the first DMC network in Asia to survive their founders. Plus, it also has the depth and scale in distribution that First Choice was after.
The sale gives a presence in Asia for First Choice, distribution for hotelbeds.com and a secured future for Pacific World.
First Choice CEO Peter Long said: “I am absolutely delighted to see the enthusiasm and professionalism of the team. I am confident we have chosen the right partner in Bob and Jacques. It’s a terrific business with great potential.
“And one of the most important considerations is the customers are happy with the change in ownership.”
Guy said: “We sent about 3,000 pieces of communication in different forms yesterday and found that about 20% had some association with First Choice already.
“Some of who I thought would be competitors turned out to be customers and in the UK, one wholesaler asked me, how do we get linked up?”
Although Long said First Choice spoke to several companies, Pacific World was top of the list.
Part of the terms of sale is that Pacific World’s management and team remain intact.
“We are buying into an expertise that we want to stay involved. We have bought 55 companies in the last five years and we know that the key to success is to retain the management team,” said Long.
He added that the entry into Asia represented “exciting opportunities in a very attractive, fast growing market.”
Report by Siew Hoon, the transitcafe
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