JP Morgan to Acquire Frosch Luxury Travel Agency
Matthew Parsons , Skift
February 17th, 2022 at 9:45 AM EST
This deal would break the mold of so many technology plays we've seen to date, giving JP Morgan an edge in supporting bookings with experienced consultants.
Matthew Parsons
JP Morgan Chase has signed a definitive agreement to buy corporate and luxury travel agency Frosch .
The deal represents a new “business line” for the bank, according to Bryan Leibman, the agency’s president and CEO.
“It should give all of us immense pride to be recognized for our industry leading achievements and excellence and to become a foundation for JP Morgan Chase as they enter a new business line,” he said this week in an internal staff memo seen by Skift.
However, like Capital One, JP Morgan has already made significant inroads into the travel sector over recent years, snapping up cxLoyalty Group Holdings’ global loyalty division in December 2020. The deal included cxLoyalty’s full service travel agency, as well as technology platforms, gift card, merchandise and points bank businesses.
Taking over family-owned Frosch and its experienced travel consultants gives it more opportunities to better manage its travel bookings, with a human touch rather than artificial intelligence called for in the premium corporate and luxury sectors. The agency, which is co-headquartered in New York City and Houston, has offices in more than 40 locations worldwide. It was founded in 1972 and has more than 2,000 employees.
Banks and credit card company Capital One helped online travel agency Hopper raise $170 million in new funding last year . Other notable Capital One deals include buying startup Freebird in 2020 , and last year it acquired most of the employees and technology of Lola , a corporate travel booking and expense app.
U.S. Bancorp bought Will Smith-Backed travel platform TravelBank for $200 million in November last year .
For now, Frosch and other brands including Plaza Travel, LUXE Travel, Mann Travels and Valerie Wilson Travel, which it acquired in May last year , will remain intact, and continue “under the JP Morgan Chase umbrella,” according to Leibman. Frosch also received a minority investment from private equity firm EagleTree Capital in February last year.
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Tags: banks , business travel , corporate travel , hopper , jp morgan chase , loyalty , luxury , travel management
Photo credit: Frosch specializes in luxury and business travel. Roberto Nickson / Unsplash
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About. Founded in 1972, FROSCH was established with a focus on deluxe leisure and corporate travel. In 1977, Richard Leibman acquired the agency from the Frosch family. In 1998, Richard was joined by his son, Bryan who today serves as the company's President & CEO. In 2004, Bryan's sister, Lara, joined the company as Executive Vice ...
FROSCH | 21,032 followers on LinkedIn. Global Travel Management & Luxury Vacations. Corporate, Leisure, Entertainment, Group, & Event Travel Management. | Founded in 1972, FROSCH was established ...
Travel is at the center of our card business. In terms of U.S. leisure travel, $1 in every $4 spent is on a Chase Card, and $1 in every $3 spent is by a Chase customer. And the stats for dining are quite similar. But only a small percentage of this spend went through our platform because our assets were not differentiated.
On April 30, two travel industry families — the Leibmans of FROSCH and the Wilsons of Valerie Wilson Travel (VWT) — joined forces in an acquisition that merged the two in a business alliance of epic proportions. Both FROSCH and VWT are well-known in the travel world. Valerie Wilson (founder, chairman and CEO of VWT) grew her once-boutique ...
Last updated: 11:01 AM ET, Mon February 1, 2021. Travel management company Frosch International Travel (FROSCH) has announced it has received a substantial growth investment from EagleTree Capital. FROSCH will continue to be controlled by the Leibman Family, Bryan Leibman will be President & CEO of FROSCH, and EagleTree will hold a minority ...
Over the past twenty years, FROSCH has grown from 30 employees to 2,000 placing us among the top fifteen travel agencies in the world. But, we're still a family-run business and have stayed true to our roots - providing our clients the ultimate in service and travel. ... Frosch Locations. Houston Co-Headquarter One Greenway Plaza, Suite 800 ...
For Frosch employees, it's "business as usual," Leibman said. JPMorgan is committed to all of Frosch's divisions and brands, including former Power List agencies Valerie Wilson Travel, which it ...
A Closer Look at the Families Behind FROSCH and Valerie Wilson Travel, 2021. Plaza Travel Partners with FROSCH Travel, 2021. EagleTree Capital Makes Strategic Investment in FROSCH, 2021. Top Producer. Since 2011. 30under30. 2018, 2017, 2016, 2015, 2014 & 2012. A-List. 2020 ...
FROSCH International Travel is a travel management company. It offers solutions for entertainment, luxury, vacation, cruise, conference, group, student, and other forms of travel. The company caters to both private clients and businesses in sectors such as law, finance, and professional services.
Matthew Parsons. JP Morgan Chase has signed a definitive agreement to buy corporate and luxury travel agency Frosch. The deal represents a new "business line" for the bank, according to Bryan ...
The mega-agency Frosch, ranked No. 13 on Travel Weekly's 2021 Power List, will reportedly be acquired by JPMorgan Chase & Co.. The Beat, a sister publication of Travel Weekly, cited a memo to ...
New payment solutions already in the hopper. Coming off a string of its own acquisitions in the past two-plus years, travel management company Frosch agreed in May to be acquired by banking giant JPMorgan Chase. The move belongs to a recent trend of banking institutions like U.S. Bank, Capital One and others adding travel to their portfolios.
NEW YORK, NY (Monday, May 3, 2021) — Frosch International Travel (FROSCH) acquired Valerie Wilson Travel (VWT) on Friday, April 30, 2021. The acquisition joins two of travel's most respected families, the Wilson family and the Leibman family, and will reshape the landscape of full-service travel management companies and the travel industry.
Mike & Carol - Life-Changing Adventures. Since 2003, we have had many life-changing travel adventures thanks to Ellen. From the tobacco fields of Cuba to the majestic wonder of Antarctica, we have enjoyed safe travels because of her professional demeanor and vast knowledge of the world. Over the years, Ellen has become our dear & fun-loving ...
Frosch International Travel (Frosch) has acquired Valerie Wilson Travel (VWT) on Friday, April 30, 2021, the companies announced this week. The acquisition brings together two of travel's most respected families, the Wilson family and the Leibman family, and will reshape the landscape of full-service travel management companies and the travel industry, according to the press announcement.
Leslie Wahlgren. San Diego, California. I specialize in bringing luxury and adventure travel to the path less taken. I've traveled in 73 countries and counting across 6 continents. My heart is in Asia and Africa, but I am well-versed in travel throughout Australia/New Zealand, Europe , French Polynesia, and South America.
Manage Products and Account Information. Americas +1 212 318 2000. EMEA +44 20 7330 7500. Asia Pacific +65 6212 1000. About. Careers. Diversity and Inclusion. Tech At Bloomberg. Philanthropy.
FROSCH Entertainment Headquarters 1149 North Gower Street, C Hollywood, CA 90038 T: 323.871.4477 C: 323.871.4474 W: www.froschentertainment.com. Menlo Park FROSCH & Valerie Wilson Travel, A FROSCH Company 825 Santa Cruz Avenue Menlo Park, CA 94025 Local Menlo Park Phone: 650 328 2030 Local Los Altos Phone: 650 941 5810 Toll-Free: 800 535 5757 F ...
Active & Adventure Travel; All-Inclusive Resorts; Beach/Sun; Cruises (Ocean) Cruises (River) Cruises (Small Ships) Custom Vacations; ... Frosch Locations. Houston Co-Headquarter One Greenway Plaza, Suite 800 Houston, Texas 77046 800-866-1623 New York Co-Headquarter 909 Third Avenue, 12th Floor
Frosch Travel Fort Collins, Fort Collins, Colorado. 152 likes · 6 were here. We are proud to share our 40 years of experience planning customized vacations, river and ocean cruises, family travel,...