by Lisa A. Grimaldi | August 09, 2017
Private-equity firm CI Capital Partners has acquired AlliedPRA, one of the largest global destination management firms, from U.K.-based private equity firm Core Capital Partners. A joint statement specifies that AlliedPRA's management team will continue to lead the company and has a significant equity ownership in it. Terms of the transaction were not disclosed. 
  
"Since its founding over 30 years ago, AlliedPRA has become the leading destination management company in the United States," said Tony Lorenz, above, CEO 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 has a total of 26 DMCs in the U.S., of which 17 are wholly owned and nine are franchises; a spokesperson for the company told M&C the acquisition affects all of them. 
 
"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."