Flight Centre Travel Group takes full ownership of Quebec-based agency

TORONTO — The Flight Centre Travel Group (FLT) has acquired 100% ownership of Les Voyages Laurier du Vallon (LDV), a North American premium leisure and corporate travel business.

FLT secured a 75% interest in LDV in August 2017 and acquired the remaining 25% interest on Aug. 5 under the terms agreed upon when FLT initially invested in the Quebec-based business.

Managing director Graham Turner said LDV had become an “important part” of FLT’s Americas business during the past two years and had contributed to the company’s strong growth in the region.

“LDV has proven to be a valuable addition to our network in the Americas and we are pleased to take 100% ownership of the business,” said Turner. “In addition to delivering solid earnings growth over the past two years, its corporate travel presence has enhanced our already strong customer offering across Canada and throughout North America in general. In leisure travel, LDV’s premium offering, which is similar to the highly successful Travel Associates model we use in some other countries, has complemented the Flight Centre branded offering in Canada and allowed us to target a broader customer base in this fairly large market.”

The acquisition’s terms are currently confidential and have not been disclosed.

FLT will release its 2019 fiscal year accounts on Aug. 22 and has already flagged a record profit contribution from its North American business.

In April, the company said its Americas businesses, which together generated a AU$70.2 million profit before tax during FY18, were closing in on a profit in excess of AU$100 million for FY19.

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