The announcement that destination management company Allied PRA was purchased by the large private equity firm CI Capital Partners for an undisclosed sum led to some predictions that more purchases might be coming in the future. The announcement came with a statement that defined the destination management sector as a sub-segment of a $280 billion business events industry and defined the acquired as a company that supports its clients’ offsite business events by providing activity and transportation solutions. “AlliedPRA works closely with its clients, which include Fortune 100 companies, to ensure their business events are successful.”
Tony Lorenz, CEO of Allied PRA, will presumably continue in his role as the announcement said the management team of Allied PRA will continue to lead the company and have a significant equity ownership in the company.
“We believe there is an opportunity to extend AlliedPRA’s scale and scope, creating more value for our customers in this critical area,” Lorenz said.
CI Capital Managing Director Timothy Hall was more direct: “We believe [AlliedPRA] is well-positioned to consolidate the fragmented destination management industry.”