SECAUCUS, N.J. -- Wasserstein Partners has acquired Travel Weekly’s parent company, Northstar Travel Group, purchasing it from another private equity firm, the Wicks Group of Companies.
Terms of the acquisition were not disclosed.
Northstar is the leading provider of business-to-business information, content, events, data, research, custom content and software dedicated to the global travel and meetings industries. In addition to Travel Weekly, Northstar owns, among other brands, TravelAge West, Phocuswright, Travel42, Star Service Online, Business Travel News and several titles serving the meetings industry. Among its database businesses are Travel Weekly’s Hotel & Travel Index and Official Cruise Guide.
The company extended its reach globally two years ago with the acquisition of Travel Weekly China, Travel Weekly Asia and Singapore-based travel technology event producer Web in Travel. Last year, Northstar brands produced more than 50 face-to-face events in 13 countries.
Additionally, Northstar is the majority shareholder in Inntopia, the leading SaaS e-commerce software provider serving the mountain destination, activities and specialty destination travel markets.
Northstar chairman and CEO Thomas Kemp said he was pleased that Wasserstein would be the company’s partner “to provide the capital and investment experience to help Northstar achieve our next phase of growth serving one of the largest and most dynamic industries in the world: global travel and tourism."
He recognized and thanked Wicks as “a great partner."
Wasserstein co-managing partner Anup Bagaria said he was impressed with Northstar’s recent growth and its ability to pivot its “core into an integrated information, data, software, event and marketing solutions company."
Wasserstein partner Michael Struble added, “We have known Tom and Northstar for many years. We’re excited about investing in the company’s continued transformation and growth through geographic expansion, new product development and strategic acquisitions.”
Wicks managing partner Daniel Kortick said he was pleased with the deal and wished Northstar well “as the company embarks on its next phase of growth.”
Harris Williams represented Northstar Travel Group in the transaction and acted as its exclusive financial adviser. Morgan, Lewis & Bockius LLP provided legal advice.
Macquarie Capital provided financing and acted as financial adviser to Wasserstein on the transaction.
Jones Day served as legal adviser to Wasserstein.
Wasserstein’s co-investors include Alberta Teachers’ Retirement Fund Board, John Hancock and Storebrand Insurance.