06/18/2024
👉Article from Travel Weekly Bulletin👈
🎉InteleTravel's buying spree expands opportunities🎉
Since April 2023, InteleTravel has acquired corporate-focused consortium Hickory Global Partners, events company McVeigh Global Meetings & Events and, most recently, U.K.-based tour operator Major Travel.
And the Delray Beach, Fla.-based company is hungry for more.
"It's a market-coverage strategy that relies on integrating new markets," InteleTravel co-founder and president James Ferrara said.
While the host agency has historically focused on leisure travel, its recent spate of acquisitions has opened the worlds of corporate travel, meetings and events and even product, a first for InteleTravel. Indeed, the latter category -- travel product, such as cruises and tours — is one that Ferrara views as a priority in terms of potential acquisitions.
"Product is still a very interesting category for us," he said. "Beyond that, it's adding capabilities, competencies that we don't currently have. Now, that might be technology-based or it might be vertical-based on the product side."
InteleTravel did have its eyes set on another company: Ferrara said InteleTravel attempted to buy American Queen Voyages after its bankruptcy but was ultimately unsuccessful (American Cruise Line ended up acquiring its ships).
Tara Minson, InteleTravel's executive vice president, said the company's goal is not to be the biggest.
"We're looking to be the best at what we do and what we promise," Minson said. "So all of our growth, we're not looking to just roll up companies to roll it up because we can write a big, fat check. It's strategic, purposeful growth."
The acquisitions provide expanded opportunities and benefits to the host agency and its advisors. With Major Travel, that means ensuring its advisors get the best offer on the market, or "most favored nation status," Ferrara said.
InteleTravel can also ensure Major Travel develops products and services based on advisor needs.
McVeigh offers resources for advisors planning group trips, Minson said. And Hickory helps build a bridge for advisors interested in selling corporate travel.
"It gives our advisors more product to sell -- really, another line of business to sell," Ferrara said.
But the new additions will also benefit from the acquisitions.
For instance, there are plans to grow Major Travel that will not only serve InteleTravel advisors but also its other agency customers. Ferrara also pointed out that though InteleTravel has acquired Major, it doesn't signify a move to stop working with other tour operators.
InteleTravel in April launched loyalty program IntelePerks for advisors, which Ferrara said was well received as a form of additional compensation. Next up is a smartphone app for Android and iOS.
Geographic expansion is next on the table.
Years ago, InteleTravel had a presence in Canada. But the regulatory environment pushed out the host around 20 years ago, Ferrara said. Now, InteleTravel is looking to restart its business across all provinces. Ferrara also has his eyes on expanding into the EU.
Minson said education remains a priority and is second only to technology in terms of the host's expenses. The agency is hoping to expand its roster of top sellers with a program launched this year designed to boost advisor sales.
"It's giving them real business strategy," she said. "Real business and sales strategy and focus in their travel business."
