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US acquisition for FCm
Flight Centre, the Australian parent of FCm Travel Solutions, has acquired a Chicago-based corporate travel management company in a move towards gaining a stronger US presence.
Bannockburn Travel Management (BTM) has been taken over for around $9 million. The deal includes an upfront payment and further consideration payable if the business achieves prescribed growth-related targets.
BTM employs 80 people across the mid-west, and in 2005 the company generated $93 million in total transaction value.
FCm executive general manager Anthony Grigson said: “This acquisition is an important next step in creating an extensive network of FCm Travel Solutions offices across the major commercial hubs of The Americas.
“It will give us greater presence in the mid-west, while we continue to pursue opportunities for potential representation on the east coast.”
He added: “We believe local service for clients must always come first, followed by access to our worldwide network of expertise, industry alliances and suite of business travel solutions.
“Our future acquisitions will be part of our continuing expansion across the US, Asia-Pacific and EMEA regions, and geared towards matching the needs of our national, regional and multinational clients.”
Report by Phil Davies
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