• Corporate Finance Transactions

Crossing Borders, BGL Completes Another First Class Transaction

August 28 2007

Brown Gibbons Lang & Company announced today the management-led take private of Ireland-based CNG Travel Group plc (London AIM: CTV), the parent company of U.S.-based Tzell Travel LLC. BGL served as the exclusive financial advisor to and capital raising agent for select members of management and certain shareholders of CNG (the “Acquirers”) in connection with the acquisition of CNG’s publicly traded shares. 

Tzell, the only operating subsidiary of CNG, is a market leading travel aggregator operating via commissioned agents and affiliates serving mid-sized corporations operating in high value market niches such as finance, luxury goods, fashion, professional sports, and entertainment. As one of the largest corporate travel management companies in the United States, Tzell aggregates the purchasing power of its agents and affiliates and provides them with access to better content and commission rates than they could otherwise achieve as independents. 
After generating strong interest from the financing community, BGL and the Acquirers selected two debt capital sources to provide the necessary financing to consummate the transaction. On July 27, 2007, BGL’s client secured sufficient shareholder votes to affect the management buyout.
"BGL’s investment banking practice is truly global," said Barry Liben, chief executive officer of Tzell. "The BGL team successfully orchestrated a multifaceted transaction in the face of challenging Irish take-over panel rules and regulations and complex cross-border transaction and tax issues."
“We are quite pleased to have had the opportunity to work with Barry Liben and his impressive team to complete this complicated transaction. BGL’s experience with cross-border and take-private transactions proved invaluable,” said Andrew Petryk, managing director & principal at BGL. 
About Brown Gibbons Lang & Company
Brown Gibbons Lang & Company is a leading independent investment bank serving middle market companies and their owners throughout the U.S. and internationally. BGL’s professionals are experts in mergers and acquisitions, debt and equity placements, and financial restructurings. BGL is the U.S. partner firm in Global M&A, one of the world’s leading partnerships of top-tier, mid-market, cross-border investment banks. Global M&A was named 2005 Investment Bank of the Year by The M&A Advisor. For more information, please visit www.bglco.com

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