A stake in luxury operator Caribtours has been sold to a US counterpart for an undisclosed sum.
The UK management team under long-time chief executive Paul Cleary retain control of the day-to-day running of the specialist company.
The deal, described as a joint purchase with Cleary, was disclosed by New York-based ID Travel Group following years of talks.
ID Travel group also has offices in Johannesburg and Singapore and operates on four continents with luxury travel staff based in six countries.
Caribtours has a profile “very similar” to the ID Travel Group, offering luxury holidays from the UK and Ireland to the Caribbean, Mexico, Indian Ocean, Middle East and Europe.
“In business since 1979, the team at Caribtours offers acclaimed first-hand expertise and knowledge of all the product represented to their loyal following of luxury travel advisors,” ID Travel Group said.
Maurice Bonham-Carter, president and chief executive of the almost 40-year-old US operator, said: “We are thrilled to officially announce this exciting addition to the ID Travel Group.
“The synergy between our two renowned companies was undeniable and we knew this was the next strategic move for the expansion of ID and also Caribtours.
“Part of our grand vision has been to build a business that offers our esteemed hotel partners access to travellers from all important markets and adding Caribtours’ strategic network builds on our business from the Americas and Australasia.
“This worldwide presence also benefits our loyal clientele, due to the enhanced buying power that we now collectively have.”
Cleary added: “I am so pleased that we can finally announce this exciting partnership within the ID Travel Group, we all have great optimism for what we can achieve.
“Maurice and I have been talking about doing this for years – we all share the same values and ethos and there will be countless opportunities that now await us as we work closely together.”
He added: “This investment means we will be working with a strong brand, and can share knowledge, systems, expertise and buying power.
“It comes at a great time for Caribtours as we celebrate a record year coming out of the pandemic and gives us a great springboard for future growth.”