Corporate travel agency Directravel has been acquired by Silver Oak Services Partners, a private-equity firm focused on service businesses.
No. 27 on Travel Weekly’s 2011 Power List, Directravel is based in Mahwah, N.J., about 30 miles northwest of New York.
Ed Adams will serve as CEO of the firm, replacing Vince Vitti, who announced his retirement as chairman and chief executive. Adams was the CEO of Navigant International before the Colorado-based corporate agency was acquired by Carlson Wagonlit Travel in 2006.
Directravel President Patrick Fragale will add COO to his title and will oversee operations, sales and marketing as well as continuing to maintain and develop client relationships.