Apple Leisure Group and The Mark Travel Corporation have signed a definitive agreement to join forces and create an integrated leisure travel and technology solutions company, the two companies announced Monday.
Financial terms of the transaction, which is expected to close in the second quarter of 2018, were not disclosed.
Trisept Solutions, a leisure travel technology solutions provider and sister company of Mark Travel, will also be part of the combined company, which will continue to operate the various brands offered by both Apple Leisure Group, Mark Travel and Trisept Solutions and will maintain principal executive offices in Newtown Square, Pennsylvania, and Milwaukee, Wisconsin.
Apple Leisure Group's subsidiaries include AMResorts, tour operator Apple Vacations, Travel Impressions and online travel agency CheapCaribbean.com. The latter three will benefit from the integration of technology for travel merchandising and distribution solutions. Meanwhile, Mark Travel's tour businesses will gain access to 52 high-end resorts and spas operating under the Zoetry, Secrets, Dreams, Breathless, Now and Sunscape brands.
"In an intensely competitive industry, our combined company will be well-positioned to provide great value for consumers and customers while continuing to serve the needs of our partners across the travel industry," said Alex Zozaya, who will lead the combined company as CEO, in a statement.
"This strategic combination will leverage the complementary strengths of both companies to provide new and enhanced products and solutions to our customers and partners. We are excited to join forces and are grateful for the continued participation of Bill La Macchia and Bill La Macchia, Jr. who will remain active in the combined business, including serving as members of the combined company's Board of Directors."
"Mark Travel is trusted by leading airlines and hoteliers to manage their vacation brands, and we have built our business to provide memorable end-to-end vacation experiences," added Bill La Macchia, Founder, Chairman and CEO of Mark Travel. "By combining our technology and distribution capabilities with the breadth of resorts and service offerings of Apple Leisure Group, we will grow the business and further enhance our commitment and service to customers, travel agents, and suppliers."
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