JTB Corporation, one of Japan’s leading travel solutions
providers, has signed a definitive agreement to acquire Northstar Travel Group,
which owns Phocuswright and PhocusWire, from investment funds managed by
EagleTree Capital and its co-investors.
As part of the transaction, Northstar will operate as a wholly-owned,
independent subsidiary of JTB and will continue to be led by its existing
management team, including CEO Jason Young. Terms of the transaction have not
been disclosed, but it is expected to close in September, subject to customary conditions including regulatory approvals.
Along with Phocuswright and PhocusWire, Northstar operates 14 B2B
travel event, media and market intelligence brands like Travel Weekly, Business
Travel News, ALIS, The Meetings Show, WebinTravel and more.
Through these platforms, Northstar connects a global
audience of more than one million professional travel buyers with more than
1,500 supplier customers seeking to engage them, with its portfolio of
digital, social and print products and more than 100 events in 13 countries.
“We are thrilled to partner with JTB as we enter the next
phase of our company’s incredible history,” Young said.
.jpg "Northstar Trave Group CEO Jason Young")
Northstar Trave Group CEO Jason Young
“Our shared commitment to the travel industry, cultural alignment and
collective expertise—combined with the opportunity to accelerate Northstar’s
geographic expansion in the Asia Pacific region—will enhance our ability to
deliver value to our audiences and customers as we advance our mission.”
JTB said the transaction advances its growth strategy, which
includes geographic expansion and targeted investments in events, information
services, market intelligence and other strategic lines of business associated
with the travel industry.
“Today’s announcement marks the beginning of an exciting new
chapter for JTB Group,” said Eijiro Yamakita, president and CEO of JTB
Group.
“Northstar brings outstanding expertise and fresh perspectives that perfectly
align with our strategic vision. By operating Northstar as an independent
subsidiary, we preserve their neutral market position while creating a powerful
platform for delivering superior customer experiences. We are confident this
structure will unlock significant growth potential while contributing to the
innovation and future growth of the travel industry.”
EagleTree Capital acquired Northstar Travel Group in 2016. Co-managing
partner Anup Bagaria and senior partner Michael Struble said, “It has been an
honor to partner with the Northstar team, including chairman and former CEO Tom
Kemp and current CEO Jason Young, and to witness the Company’s impressive transformation
over the last few years. We are confident Northstar is well positioned for
future success and look forward to watching it thrive as part of JTB.”
BrightTower served as financial advisor and Jones Day served
as legal counsel to Northstar. SMBC Nikko served as financial advisor and
Venable LLP and Mori Hamada & Matsumoto served as legal counsel to JTB.
AloJapan.com