World Travel Becomes ESOP-Owned
Summit, NJ: The principals of Pilot Hill Advisors through its broker/dealer Corporate Finance Associates are pleased to announce that World Travel, Inc., a travel management company, has recently completed a sale of stock to its newly-formed ESOP.
Family owned since, World Travel has grown by hiring travel experts passionate about the travel industry and dedicated to client service. The company's agents are subject-matter experts that help improve the travel programs for middle market companies. World Travel, Inc. is the 4th largest independent travel management company in the United States according to BTN Magazine. The company has achieved this ranking through organic growth and without mergers or acquisitions. It is an industry leader in travel management for mid-market companies, exemplified by its client retention rate of 99.2%.
Pilot Hill Advisors worked closely with the company's leadership team, attorneys, financial advisor and accountants throughout the planning and execution of the transaction. While World Travel had been considering the employee ownership model for some time, Pilot Hill Advisors began the planning process six months ago. After considerable due diligence, analysis and evaluation of different transaction structures, an offer was made, negotiated and closed.