Business travel management platform Travelperk aims to double revenues in the US with the acquisition of Chicago-based TMC AmTrav.
The deal was backed by a new $135 million credit facility led by asset management groups Blackstone and Blue Owl.
This follows a $104 million funding round in January led by SoftBank Vision Fund 2 and supported by existing investors including Kinnevik and Felix Capital.
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The AmTrav takeover is the fourth major acquisition by Barcelona-based TravelPerk, including Click Travel in the UK in 2021.
Both platforms will capitalise on proprietary tech, AI capabilities and expanded resources to further expand in the US, according to TravelPerk.
The acquisition will see TravelPerk double its revenue in the US, following 65% year-on-year growth in the market in 2023.
TravelPerk now includes offices in Boston, Chicago, Los Angeles and Miami.
“AmTrav will operate under the same brand, and the entire team will continue with the business going forward,” TravelPerk said.
The forerunner of AmTrav was founded by friends Jeff Klee and Craig Fichtelberg from their dorm room at University of Michigan in 1989 selling spring breaks to fellow students.
TravelPerk co-founder and chef executive Avi Meir said AmTrav’s “decades-long track record of success in the US will supercharge our growth in the US and around the world.
“And with the financial backing of world-class investors in Blackstone and Blue Owl, in addition to SoftBank earlier this year, we’re exceptionally well positioned to continue to invest in industry-leading technology and our global growth.”
AmTrav chief executive Klee added: “AmTrav’s customers will benefit from TravelPerk’s global reach, scale and culture of innovation.
“Together, we’ll continue the mission to use new technology and the right amount of human touch to make life better for businesses and their travellers.”
Blackstone Credit & Insurance managing director Laura Johnson said: “We are excited to partner with TravelPerk as it further expands into the US market, leveraging the power of the Blackstone platform.
“This financing illustrates Blackstone’s continued thematic investment in the travel sector, and our focus on backing fast growing technology businesses.”