Red Label Holdings Inc., parent company of TravelBrands and Redtag.ca, announced today that it has reached an agreement to acquire itravel2000.
Dean Moore, president & CEO, itravel2000 stated to PAX that "the transaction represents a significant milestone in itravel’s history. The market is becoming increasingly competitive and the acquisition by Red Label Holdings will ensure that the business can compete effectively and provides long-term viability. The itravel brand is instantly recognizable, and customers will continue to receive the exceptional service and value for money, with which it has become synonymous."
“itravel2000 has been at the forefront of the Canadian online travel agency space for more than two decades and the acquisition by Red Label Holdings Inc. creates a platform to ensure one of Canada’s most instantly recognizable brands continues to flourish,” commented Moore.
While the acquisition is subject to regulatory approvals and other closing conditions, Joe DeMarinis, vice president of Red Label Holdings, told PAX that the deal is likely to close in August. He added that while some minor changes will take place as a result of the acquisition, it will be more or less business as usual for itravel2000.
“itravel2000 has built a trusted brand and loyal client base for over 20 years," DeMarinis said in a statement. With our scale, we have the opportunity to move itravel2000’s business forward even faster. I am pleased to have reached this agreement. We can provide itravel2000 with more options, differentiated products and services created specifically for the Canadian market. We look forward to continuing our long-term business relationships with our partners and suppliers, and to serve Canadians with the best value and services in travel.”