Phoenix-based private equity firm Najafi Companies has acquired Classic Vacations from Expedia Group, the vacation wholesaler announced on Monday.
The deal, which will be effective April 2, includes all assets of Classic Vacations. It also includes Classic President David Hu, who will remain at the helm along with his leadership team.
“These past months have underlined the magic of being able to travel with friends and family, create new experiences, and make new memories. This is a tremendous opportunity for everyone involved and I am confident that Classic Vacations will be strategically positioned, with The Najafi Companies’ support, to prosper in a post-COVID-19 travel environment,” said Hu. “And while it’s sad to part ways with our colleagues at Expedia Group, this change allows us to further strengthen our partnership with our travel advisors and to better support our travel advisor, hotel, and destination partners.”
Classic is another company in a growing travel and tourism portfolio for Najafi. The firm, which was established by Iranian-American businessperson Jahm Najafi in 2002, operates in the hospitality space with brands such as The Ritz Carlton, St. Regis, Promontory Park City, and more.
Current investments for Najafi also include the Phoenix Suns, McLaren racing, and others.
"The ‘luxury’ vacation business will see a rebound in the near future and Classic Vacations is well-positioned to capitalize on that growth," said Jahm Najafi.
"Classic Vacations has built a sterling brand over the past 40+ years with a devotion to their employees, a reputation for incredible products and service, and, most importantly, a client-focused culture that is so critical in today’s environment. We are excited to have an industry leading company join our portfolio of brands.”