Audax Group (“Audax”) announced it has completed the sale of CIBT Global, Inc. (“CIBT”) to American Capital Strategies, Ltd. (Nasdaq:ACAS). Based in McLean, Virginia, CIBT is a leading 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. Products include travel visas and passports, and services consist of global cellular and satellite phone rentals, and document legalizations and authentications. Audax, together with management, acquired the company in May 2006 and subsequently sourced and integrated nine add-on acquisitions.
Geoffrey S. Rehnert, Co-Chief Executive Officer, Audax Group, said “The CIBT management team did a terrific job building the company by sourcing and integrating multiple acquisitions, penetrating new markets, and introducing new products. The company today is the clear global leader in this growing industry. We wish Jeff Fine and his team continued success.”
Jeffrey P. Fine, President and Chief Executive Officer of CIBT, said “The combined efforts of our team was critical to achieving this successful transaction. Audax Group was a great resource for us; their experience sourcing and integrating add-on acquisitions on a global scale was key to helping us build our business.”
Kirkland & Ellis LLP advised Audax Group. Lazard Middle Market represented CIBT.
