TORONTO — Vision Travel Solutions has bought a substantial interest in Toronto-based New Wave Travel in a move that brings together two major players in the luxury leisure travel business in Canada.
As one of the largest independent travel agencies focusing on the luxury leisure market in the country, New Wave Travel will boost Vision Travel’s position within luxury leisure travel, significantly increasing the service capacity and raising leisure revenue to $150 million annually.
“With the acquisition, Vision Travel reinforces its top standing with the world’s best luxury travel suppliers, further raising the company’s profile as the most desirable destination for luxury travel advisors,” said a statement from the company.
Vision Travel is bullish about the luxury leisure sector, says Arend Roos, CEO of Vision Travel Solutions. “This latest move is part of the company’s strategy to unlock the potential of its luxury leisure business. This is quite possibly the most important acquisition for our luxury business. We know there is huge opportunity in the sector and it will only continue to grow. With this new partnership, both Vision Travel and New Wave Travel are very well positioned to capitalize on that growth. This is a wonderful marriage between two Canadian success stories,” said Roos.
Vision Travel has a sales volume in excess of $600 million, primarily in corporate travel.
“We are excited to be part of the Vision Travel team. New Wave Travel will now have access to a host of additional product and services designed to increase the revenue opportunities for our agents,” said Gloria Pelchovitz of New Wave Travel.
Established in 1980, New Wave has been a major player in corporate and leisure travel, notably high end luxury travel. Its 67 employees, including many independent travel advisors, will all remain in place. The company will operate as New Wave Travel, a division of Vision Travel, at offices in downtown Toronto.
Industry veteran Larry Finn has been recruited as General Manager, and Gloria Pelchovitz and Norm Feferman, both highly respected travel industry executives, will remain as directors.