AlliedPRA, the largest destination management company in the U.S. and a portfolio company of Core Capital Partners, has been sold to CI Capital Partners (“CI Capital”), a New York-based private equity firm. The management team of AlliedPRA will continue to lead the company and has a significant equity ownership in the company. Terms of the transaction were not disclosed.
JEGI LEONIS, the leading independent investment bank for the global media, information, marketing, software and tech-enabled services sectors, headquartered in New York, NY, represented AlliedPRA in this transaction.
The destination management sector is a sub-segment of the $280 billion business events industry. The business events industry is comprised of corporate meetings and events, incentive travel programs, conventions and conferences. AlliedPRA supports its clients’ off-site business events by providing activity and transportation solutions, and other destination-specific services. AlliedPRA works closely with its clients, which include Fortune 100 companies, to ensure their business events are successful.
“Since its founding over 30 years ago, AlliedPRA has become the leading destination management company in the United States,” stated Tony Lorenz, Chief Executive Officer of AlliedPRA. “Together with CI Capital, we believe there is an opportunity to extend AlliedPRA’s scale and scope, creating more value for our customers in this critical area.”
“AlliedPRA is an impressive business, which we believe is well-positioned to consolidate the fragmented destination management industry,” said Timothy Hall, Managing Director, CI Capital. “We look forward to working with Tony and his team to execute their plan for AlliedPRA and help shape the future of this industry.”
I have long admired JEGI LEONIS for the work they do in the media and events space, especially. Now, through our work with them in the sale of AlliedPRA, I understand first-hand why JEGI LEONIS’s reputation in our industry is so stellar. First and foremost, the JEGI LEONIS team is comprised of good and extremely talented people. JEGI LEONIS team members bring their best game every day (and some late nights) to the process underway. When that game is best-in-class, as it is at JEGI LEONIS, great outcomes are realized. We were fortunate in this regard, and look forward to working with JEGI LEONIS again as we move our business forward.
Tony Lorenz, CEO, AlliedPRA
We use advisors on every deal we transact, and without doubt JEGI LEONIS is right up there with the very best we have worked with. Given their track record, JEGI LEONIS has a deep understanding of AlliedPRA’s market and this showed in their highly creative strategy throughout the sale process. We were particularly impressed that they continually anticipated one step ahead of the process, which not all advisors have the ability to do. JEGI LEONIS were fundamental in helping to find the right buyer and in delivering value back to our investors during this transaction. I would not hesitate to use JEGI LEONIS again in future deals.
David Steel, Partner, Core Capital Partners