Travel services company Cox and Kings has teamed up with other shareholders of the privately held US-based travel management firm Radius, to pump in fresh capital in a multi-million dollar recapitalisation deal.
Cox and Kings has subscribed to fresh shares of Radius through its Singapore subsidiary. Other key investors participating in the funding include Portman Travel (UK) and Travel and Transport (USA).
The money infused by the existing shareholders, spread across the Asia-Pacific, Europe and the Americas, will help Radius scale up its infrastructure.
“Multinational companies are increasingly interested in consolidating their corporate travel programmes. Radius’ global coverage and rooted regional presence make us a solid choice to partner with,” said Chris Vasiliou, president and CEO of Radius.
Radius is one of the world’s top travel management companies, with combined annual sales of over $21 billion. It comprises 90 travel agencies across 80 countries and covers more than 3,300 locations.
Headquartered in the USA with regional offices servicing the Americas, EMEA and the Asia-Pacific, it has on its board Pesi Patel, who is also a non-executive director on the board of Cox and Kings.
Radius has grown more than 200 per cent in the last three years. Since January, 2010, it has roped in travel agencies from APAC and EMEA regions to the network, as it continues to strategically expand its service offerings.
Cox and Kings’ scrip declined 3.67 per cent to close at Rs 194.45 at the BSE on Thursday (July 21).