Tzell Travel Management Team Acquires Shares of Parent Company, CNG Travel
Group
NEW YORK, Sept. 6 /PRNewswire/ -- Praesidian Capital Investors
("Praesidian"), a leading provider of mezzanine debt to middle market
companies, has provided $6.5 million of senior subordinated debt financing
for the recapitalization of Tzell Travel, LLC ("Tzell"), a top ten business
travel company focused on the mid-sized corporate travel sector.
Praesidian's investment supports the acquisition of the publicly held
shares of Tzell's parent, CNG Travel Group PLC (CTV), an Irish public
limited company, by an investor group comprised mainly of Tzell's senior
management team.
"Tzell's business model focuses on the mid-sized corporate travel
sector, providing a broad product line of meeting services and
comprehensive travel management programs to its customers, and is poised
for continued growth," said Neil A. Marks, Managing Partner at Praesidian.
"Tzell's strong management team has done an outstanding job building this
company and positioning it for sustained success, and we are pleased to be
working with them."
"By offering our agents and affiliates improved travel content, higher
commission rates and superior customer service, Tzell has become a leader
in corporate travel," said Barry Liben, President & CEO of Tzell. "Our
partnership with Praesidian in this transaction will give us increased
independence and control over how we will guide Tzell in its endeavors."
Since its inception in February 2005, Praesidian Capital has
established a strategy of partnering with both strong equity investors and
talented management teams. The Firm has invested in seventeen separate
companies and has completed seven add-on investments in existing portfolio
companies.
About Praesidian Capital Investors
With offices in New York and Los Angeles, Praesidian provides mezzanine
debt to middle market companies. The firm provides capital for established,
historically profitable companies, as well as for management/leveraged
buyouts, recapitalizations and refinancings. Investments are focused on
successful businesses in the manufacturing, distribution and service
sectors, although the firm's approach is not driven by an industry focus.
For more information, please visit http://www.praesidian.com.
About Tzell Travel, LLC
Headquartered in New York City, Tzell is a top ten business travel
company that serves as a support and aggregation entity for independent
travel agencies with established client bases. Tzell's agents and
affiliates serve value-added niches such as finance, luxury goods, fashion,
sports and entertainment. By aggregating the purchasing power of multiple
organizations, the Company acts as an umbrella organization for mid-sized
travel agencies which, in return, benefit from Tzell's centrally negotiated
contracts, central back office support and office space, while retaining
their independence to run their own businesses. For more information,
please visit http://www.tzell.com.
SOURCE Praesidian Capital Investors
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Related links:
http://www.praesidian.com
http://www.tzell.com
CONTACT:
Dan Jacobs, Broadgate Consultants LLC,
+1-212-232-2227, for Praesidian Capital Investors
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