Global destination management company AlliedPRA has been acquired by an affiliate of New York-based private equity firm CI Capital Partners (CI Capital). Terms of the transaction were not disclosed.
A majority interest in the DMC was acquired from UK private equity firm sector Core Capital Partners LLP.
A statement said the existing AlliedPRA management team, which has a significant equity stake in the company, will continue to lead the company.
AlliedPRA supports its clients’ off-site business events by providing activity and transportation solutions, and other destination-specific services.
“Since its founding over 30 years ago, AlliedPRA has become the leading destination management company in the United States,” said AlliedPRA CEO Tony Lorenz (pictured). “Together with CI Capital, we believe there is an opportunity to extend AlliedPRA’s scale and scope, creating more value for our customers in this critical area.”
“AlliedPRA is an impressive business, which we believe is well-positioned to consolidate the fragmented destination management industry,” said Timothy Hall, MD of CI Capital. “We look forward to working with Tony and his team to execute their plan for AlliedPRA and help shape the future of this industry.”
Jordan Edmiston Group acted as sell side advisor to AlliedPRA.
CI Capital Partners LLC has approximately US$2.4bn in assets under management and has been investing in middle-market companies since 1993.