Frosch International Travel has acquired a majority stake in Woodland Hills, Calif.-based luxury specialist travel agency Plaza Travel, the company announced Tuesday.
Frosch acquired 51 percent of Plaza, giving the latter the "opportunity to accelerate growth in the corporate, entertainment, leisure and independent contractor markets as well as pursue strategic acquisitions," according to a company statement. Frosch president and CEO Bryan Leibman in a statement said that Plaza, like Frosch, has a "strong general focus on luxury travel, spanning corporate, leisure and entertainment."
Plaza Travel will retain its brand, and "no major operating changes are anticipated at the company," according to Frosch. Plaza president Steve Orens has made a long-term commitment to the company to "to remain as partner to run and grow the business."
Financial terms of the deal were undisclosed.
"The Covid-19 pandemic has provided a unique opportunity to partner with a great multi-national company like Frosch to access an enhanced global network and leverage strong, personal relationships," Orens said in a statement. "I have known the Leibman family and Frosch team for many years and am confident this will be a great partnership."
Frosch in 2020 previously acquired travel agencies CorpTrav and Luxe Travel.
Plaza Travel in 2019 had more than $80 million in total sales, according to Frosch. Frosch in 2019 had $2.4 billion in total sales, according to Travel Weekly.