Egyptian travel company Sakkara Group International (SGI) has acquired Central Holidays, a U.S. tour operator specializing in Italy and the Mediterranean, for an undisclosed price.
Central Holidays will retain its name and operate as a standalone entity.
The tour operator was founded in 1972 by brothers Joe and Fred Berardo. Joe Berardo will join the board of directors, and Fred Berardo will remain in his role as president and will focus on business development.
Gianni Miradoli will serve as acting CEO during the transition, reporting to SGI’s board of directors and handling the day-to-day operations of the company. Miradoli has worked at Central Holidays for many years.
SGI, a global company established in 1972, also owns tour operators STI Travel USA, STI UK, STI India and STI Voyages in France.
STI Travel USA, headed by Gary Greis, will relocate from Hackensack, N.J., to Central Holidays' headquarters in Moonachie, N.J.
“We need a strong financial company that can place us on the map with a stronger presence with new ideas and a new push,” said Miradoli. “The Sakarra Group is a very strong group financially.”
He added, “I strongly believe that the brothers Berardo made the correct move if they decide to really ‘retire’ from this business. They [sold] to a very good company.” Follow Michelle Baran on Twitter @mbtravelweekly.