What
Frosch International Travel, Inc., co-headquartered in New York City and Houston, has purchased a 51% interest in Plaza Travel of Woodland Hills, Calif. Plaza Travel will retain its brand and no major operating changes are anticipated at the company, with president Steve Orens securing a long-term commitment to remain as partner to run and grow the business.
Why It Matters
The travel industry can expect to see a wave of mergers and consolidations as a consequence of the COVID-19 pandemic. With over 100 advisors and 2019 sales of more than $80 million, Plaza Travel is one of the largest and most influential agencies on the West Coast, and this partnership will enhance Frosch’s presence in the region. The acquisition also gives Plaza Travel the opportunity to accelerate growth in the corporate, entertainment and leisure markets, as well as have the ability to pursue strategic mergers.
Fast Facts
- Founded in 1972, Frosch is among the world’s top 15 travel management companies, according to Travel Weekly, generating over $2.2 billion in annual travel spend. The company has 2,200 employees in more than 40 locations on six continents.
- Plaza Travel is a family-owned full-service travel management company. In 1984, Nobby Orens and his wife Carol acquired Plaza Travel, and in 1990, their son Steve joined the company. Over the years, Plaza Travel has grown from a six-person office to a company of over 120 staff.
What They Are Saying
“The COVID-19 pandemic has provided a unique opportunity to partner with a great multinational company like Frosch to access an enhanced global network and leverage strong, personal relationships,” said Steve Orens, president of Plaza Travel. “I have known the Leibman family and Frosch team for many years and am confident this will be a great partnership. Previous collaborations were extremely successful, and I look forward to continuing that trend on an entirely new and more connected level.”
“Frosch and Plaza Travel are well aligned in our values and culture and the way we do business,” said Bryan Leibman, president and CEO of Frosch. “We have similar reputations built on integrity and a commitment to service excellence. Like Frosch, Plaza Travel has a strong general focus on luxury travel, spanning corporate, leisure and entertainment. This is a wonderful opportunity to align with a great family, and we are delighted to welcome the Orens family and Plaza Travel team.”
The Details
Frosch International Travel, Inc.
www.frosch.com
Plaza Travel
www.plazatravel.com