Milwaukee-based The Mark Travel Corp.
has agreed to merge with Newtown Square, Pennsylvania-based Apple Leisure Group
. Financial terms of the transaction, which is expected to close in the second quarter, were not disclosed.
Mark Travel operates Funjet Vacations and sister company Trisept Solutions distributes leisure travel technology.
Apple Leisure Group operates Apple Vacations, Cheap Caribbean and Travel Impressions. Private-equity companies KSL Capital Partners and KKR own Apple Leisure Group. It has approximately 25,000 employees and $3 billion in revenue.
Through the transaction, Mark will gain access to 52 resorts and spas operating as Zoetry, Secrets, Dreams, Breathless, Now and Sunscape. Apple will gain expanded technology for travel merchandising and distribution.
The companies plan to maintain principal executive offices in both Newtown Square and Milwaukee. They will continue to offer travel packages through the Apple Leisure Group, Mark Travel and Trisept Solutions brands. Alex Zozaya will serve as chief executive officer of the combined firm. Bill La Macchia, founder, chairman and CEO of Mark Travel, and Bill La Macchia Jr. will continue to be involved in the business, and will serve on the board of directors.
“In an intensely competitive industry, our combined company will be well-positioned to provide great value for consumers and customers while continuing to serve the needs of our partners across the travel industry,” Zozaya said. “This strategic combination will leverage the complementary strengths of both companies to provide new and enhanced products and solutions to our customers and partners.”
“Mark Travel is trusted by leading airlines and hoteliers to manage their vacation brands, and we have built our business to provide memorable end-to-end vacation experiences,” La Macchia said. “By combining our technology and distribution capabilities with the breadth of resorts and service offerings of Apple Leisure Group, we will grow the business and further enhance our commitment and service to customers, travel agents, and suppliers.”
Neither leader could be reached for additional information.