Cruise Planners execs buy out investor

By Tom Stieghorst

Cruise Planners/American Express will be owned by its three principal executives, following a buyout of a stake owned by a financial investor, Palm Beach Capital. The price and other terms of the acquisition weren't disclosed.

The private equity firm had been a majority owner since 2005, shortly before two of the three co-founders left the company.

Cruise Planners, based in Coral Springs, Fla., is now owned by CEO Michelle Fee; CFO Tom Kruszewski; and Vicky Garcia, executive vice president of sales and marketing.

Garcia will become chief operating officer of the new company.

Fee retained a minority stake when co-founders Lynn Korn and Marvin Davis retired in 2007.

Cruise Planners has more than 800 franchisees.

Follow Tom Stieghorst on Twitter at tstravelweekly. 

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