BCD Travel has taken a majority stake in its operation in Colombia, which has been a BCD partner since 1999.
BCD Travel Colombia partner Andres Mongui will continue as country manager under the new ownership structure, reporting to Rob McTeague, MD for Latin America.
Colombia will join BCD’s other owned markets in Argentina, Brazil, Chile, Costa Rica, Mexico and Peru. BCD says it plans to retain its current Colombian workforce and expects to grow the business in the future.
The TMC’s investment is the latest in a series of growth moves, with other acquisitions of majority stake and full ownership including operations in Brazil, China, Dubai, Hong Kong and Poland, Acendas Travel and World Travel Services in the US, Nordic travel agency Ticket Biz, Grass Roots Meetings and Events, UK-based events agency Zibrant, marketing logistics agency Plan 365 Life Sciences and mobile technology company Getgoing.
Mike Janssen, global COO and president of the Americas region at BCD Travel, commented: “Ownership in Colombia made a lot of sense for us because of the outstanding work Andres has done in building a successful agency with a reputation for excellence. Our M&A strategy prioritises acquisitions in markets with significant customer transactions that also represent large growth and revenue potential. Many of our global customers invest significant travel spend in Colombia, and we project long-term growth in the country.”