The Anderson family has sold its stake in Avoya Travel to Certares, the private equity firm that invested in the host agency in 2021.
Certares has acquired full ownership of the company. Co-CEOs Jeff Anderson and Michael Anderson will remain with Avoya through mid-June to assist in the transition.
Other members of Avoya's executive leadership team -- including chief sales officer Phil Cappelli and CFO Mark Francone -- remain with the host agency.
"We're grateful to Jeff Anderson and Michael Anderson, who helped build Avoya into an innovative leader in leisure travel," Avoya said in a statement.
The Anderson family had operated Avoya for decades. The late Pal Anderson, Avoya's founder, and his wife, Pat, entered the travel industry with a tour operation in Hawaii in 1964. They would go on to start a retail travel agency that eventually became Avoya. Its hosting operation began alongside the rise of the internet in the early 2000s.
Pat and Pal's sons, Brad and Van, ran the company for years before handing over the reins to Jeff and Michael.