CI Capital Partners (CI Capital), a New York-based private equity firm, and AlliedPRA, a leading destination management company (DMC), have announced that an affiliate of CI Capital has acquired a majority interest in AlliedPRA from UK private equity firm sector Core Capital Partners LLP. The management team of AlliedPRA will continue to lead the company and has a significant equity ownership in the company. Terms of the transaction were not disclosed.
“Since its founding over 30 years ago, AlliedPRA has become the leading destination management company in the United States,” said Tony Lorenz, CEO, AlliedPRA. “Together with CI Capital, we believe there is an opportunity to extend AlliedPRA’s scale and scope, creating more value for our customers in this critical area.”
“AlliedPRA is an impressive business, which we believe is well-positioned to consolidate the fragmented destination management industry,” said Timothy Hall, managing director, CI Capital. “We look forward to working with Tony and his team to execute their plan for AlliedPRA and help shape the future of this industry.”
Jordan Edmiston Group acted as sell-side advisor to AlliedPRA.
The destination management sector is a sub-segment of the $280 billion business events industry. The business events industry is comprised of corporate meetings and events, incentive travel programs, conventions and conferences. As a DMC, AlliedPRA supports its clients’ off-site business events by providing activity and transportation solutions, and other destination-specific services. AlliedPRA works closely with its clients, which include Fortune 100 companies, to ensure their business events are successful.