Printer Friendly

FIRST TRAVELCORP TO ACQUIRE EXECUTIVE TRAVEL

 RALEIGH, N.C., Nov. 18 /PRNewswire/ -- In its eighth acquisition, Raleigh based travel management company First Travelcorp Inc. has announced plans to acquire Executive Travel Inc. of Atlanta, Ga., for an undisclosed purchase price. Executive was founded in 1972 and purchased by its current owner, Walter Hess, in 1983. Its principal office is located at 5775 Peachtree Dunwoody Road.
 Executive's current annual sales volume of $35 million will bring First Travelcorp's total annual sales to approximately $120 million, making it one of the 25 largest travel agencies in the U.S.
 "We are very pleased that Executive Travel, one of the largest independent agencies in Atlanta, will be joining our growing company," said Fred L. Coward III, First Travelcorps's executive vice president. "A letter of intent has been signed and Executive's 65 employees have been told of the proposed change in ownership," he added. Executive will retain its name identification, Coward said.
 Hess will join First Travelcorp as director, executive vice president and president of the company's Atlanta division.
 "The acquisition of Executive Travel by First Travelcorp is a classic `win-win' situation," said Hess. "First Travelcorp acquires a strategically well-positioned travel management company in the Atlanta market, and Executive gains the benefits of the economies of scale and clout of a regional travel management company," he explained.
 "Customers will benefit through the additional buying power of the combined entities as well as the additional services Executive Travel will provide. The Executive staff will gain job security and enhanced benefits," Hess added.
 Hess concluded: "From a personal point of view, the long term strategies of the management of First Travelcorp and Executive Travel are very compatible and made this acquisition destined to occur. I look forward to working with First Travelcorp as an officer and director and to the challenges the future will bring."
 First Travelcorp's acquisitions include Lucas Travel and Advantage Travel in Greensboro, McDonald Travel and Patterson Travel in Raleigh-Durham, Anderson Travel in Winston-Salem, Passport Travel in Charlotte, N.C. and Ambassador Travel in Nashville, Tenn.
 "First Travelcorp continues to evaluate major east coast markets for strong agencies like Executive Travel that have excellent reputations, qualified staff and management, and state-of-the-art technology," Coward said.
 -0- 11/18/93
 /CONTACT: Fred Coward of First Travelcorp, 919-571-5214, or Walter Hess of Executive Travel, 404-303-2966/


CO: First Travelcorp Inc.; Executive Travel Inc. ST: Georgia, North Carolina IN: LEI SU: TNM

DF -- CH002 -- 5920 11/18/93 10:02 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 18, 1993
Words:407
Previous Article:FRIEDMAN'S INC. ANNOUNCES CLOSING FOR UNDERWRITERS' EXERCISE OF OVER-ALLOTMENT OPTION; 495,000 SHARES AT $10 PER SHARE
Next Article:J. M. SMUCKER ANNOUNCES EARNINGS
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters