Apple Leisure Group and The Mark Travel Corporation (TMTC) have signed an agreement to merge the two companies into “an integrated leisure travel and technology solutions company,” the two announced in a statement on Monday.
All Mark Travel brands, including Funjet Vacations, will be part of the merger, which is expected to be completed in the second quarter of 2018, subject to regulatory approvals. Apple Leisure is the parent company of AMResorts, AmStar, Apple Vacations, Travel Impressions and CheapCaribbean.com.
All three of the companies involved in the deal—Apple Leisure Group, Mark Travel, and Mark Travel’s sister company Trisept—will continue to operate as singular brands and maintain their own executive offices.
Zozaya, the CEO of Apple Leisure, will serve as the CEO of the combined companies. KKR and KSL Capital acquired Apple Leisure in 2016
Other details of the deal were not disclosed.
“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 in a statement.
“We are excited to join forces and are grateful for the continued participation of Bill La Macchia and Bill La Macchia, Jr. who will remain active in the combined business, including serving as members of the combined company’s Board of Directors,” he added.
“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,” said Bill La Macchia, the founder and CEO of Mark Travel.