US PRIVATE EQUITY firm EagleTree capital has agreed to sell Northstar to JTB Corp, a Japanese travel company seeking to expand further across Asia Pacific and globally.
In a deal expected to close this month, Northstar – the United States company that owns a magazine and website based in Singapore – will come under JTB along with its products in the US and Britain. Northstar had previously been on an acquisition trail of its own in Europe and Asia prior to Covid, acquiring corporate travel and MICE publishers along with their B2B events.
Northstar had been part of EagleTree Capital’s portfolio of companies. In announcing the move, EagleTree said in a statement that Northstar would operate as a wholly owned, independent subsidiary of JTB. The existing management team including CEO Jason Young would remain intact, it said. No further terms of the transaction were given in the statement.
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Kai Hattendorf, the former UFI chief executive, commented in his newsletter that the deal “sends a signal of confidence to the market. A major bet that travel media, events and intelligence will remain core growth sectors in the wider travel and events industry.”
An EagleTree spokesperson said the transaction would advance JTB’s growth strategy including “geographic expansion and targeted investments in events, information services, market intelligence, and other strategic lines of business associated with the travel industry”.
Eijiro Yamakita, president and CEO of JTB Group, said the sale would mark the beginning a “new chapter” for JTB. “By operating Northstar as an independent subsidiary, we preserve their neutral market position while creating a powerful platform for delivering superior customer experiences.
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“We are confident this structure will unlock significant growth potential while contributing to the innovation and future growth of the travel industry,” Yamakita said.
Northstar CEO Jason Young said: “We are thrilled to partner with JTB as we enter the next phase of our company’s incredible history.
“Our shared commitment to the travel industry, cultural alignment, and collective expertise – combined with the opportunity to accelerate Northstar’s geographic expansion in the Asia Pacific region – will enhance our ability to deliver value to our audiences and customers as we advance our mission.”
