Redfern Travel, which is one of the UK’s leading travel management companies, has been acquired by Australian company Corporate Travel Management (CTM).
CTM is listed on the Australian stock exchange and is an award-winning provider of innovative and cost-effective travel management solutions to the corporate market.
It employs over 2,200 staff globally and services clients across 53 countries.
Speaking about the deal, Mark Bowers, Redfern Travel CEO, said: “The partnership was a natural fit, with CTM’s focus on innovation aligning perfectly with Redfern’s strategic vision.
"The deal will help to accelerate the development of our technology, products and services, as well as the opportunity to leverage CTM’s increased buying power and scale in our core markets.”
The corporate finance team at accountancy and business advisory firm BDO LLP in Leeds advised Redfern Travel.
Jason Whitworth, partner at BDO, added: “The travel industry continues to be buoyant in terms of M&A activity.
"This deal represents a good strategic move for the shareholders and presents a huge opportunity for the business to grow.
"It will enable Redfern to leverage its innovative and market-leading travel systems both internationally and across new sectors.”
Law firm Shulmans, led by partner Andrew Bradley provided legal advice to the vendors, with Osborne Clark acting for Corporate Travel Management.