Eight add-on acquisitions helped the world’s largest expeditor of travel documents to diversify its product line, increase its customer base and extend reach into European markets.
Headquartered in McLean, Virginia, CIBT Global, Inc. (“CIBT”) is the world’s largest expeditor of travel documents for business and leisure travel, serving Fortune 500 companies, government agencies, travel management companies, and major tour and cruise line operators. The company specializes in travel visas and passports, with additional services including global cellular and satellite phone rentals, as well as document legalization and authentication.
The CIBT management team knew that to be a leader in document expediting services in an increasingly electronic world, they needed to compete on speed and scale. They wanted a partner with expertise in acquiring and integrating companies to fuel growth. The Audax team’s in-depth market research corroborated management’s view that the need for document expediting was a growing market within the United States, and a significant opportunity throughout Europe.
Audax Private Equity acquired CIBT in 2006 as a platform for consolidation in the fragmented travel document processing industry. Working closely and cooperatively with the CIBT management team, Audax helped to accelerate the acquisition process, identifying and negotiating the purchase of eight add-on companies over the course of 20 months. As part of the integration process, a more scalable ERP system was implemented to maintain consistently high standards of service worldwide.
The Audax Difference
With a dedicated business development group and strong track record for devising and executing ambitious add-on acquisition strategies, the Audax team was able to act quickly to position the CIBT platform for success and build value over a short period of time. Its shared vision and coordinated execution with the CIBT management team paved the way for expanded product lines and dramatic growth across the European market.
The CIBT management team did a terrific job building the company by sourcing and integrating multiple acquisitions, penetrating new markets, and introducing new products. Today, the company is the clear global leader in this growing industry.”
- Oliver Ewald Managing Director, Audax Group
The combined efforts of our team were critical to achieving this successful transaction. Audax Private Equity was a great resource for us. Their experience sourcing and integrating add-on acquisitions on a global scale was critical to build our business.”
- Jeffrey P. Fine President and Chief Executive Officer, CIBT