frosch travel ownership

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 , mergers and acquisitions , travel management

Photo credit: Frosch specializes in luxury and business travel. Roberto Nickson / Unsplash

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Jp morgan to acquire frosch luxury travel agency.

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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CONLIN TRAVEL PARTNERS WITH FROSCH

NEW YORK, NY (Thursday, October 14, 2021) — Frosch International Travel (FROSCH), co-headquartered in New York City and Houston, has purchased a 51% interest in the corporate division of Conlin Travel in Ann Arbor, MI. The partnership provides FROSCH with a larger foothold in the Great Lakes region, an area where the company historically has not been very active.  The Leisure and Specialty Travel Divisions remain 100% owned by Conlin Travel.

Conlin Travel had sales of over $200 million in 2019, with corporate travel accounting for $160 million. No major operating changes are anticipated at the company, with Chris Conlin remaining as Managing Partner, responsible for customer relations and actively managing and growing the FROSCH-Conlin corporate business.

The partnership gives Conlin Travel access to key resources and infrastructure such as FROSCH’S global operations platform and innovative technology solutions that simplify and streamline the travel experience for clients.

Bryan Leibman, President & CEO of FROSCH said, “Aligning ourselves with Conlin Travel allows us to grow our corporate business in key states like Michigan, Indiana and Ohio. Conlin Travel is a second-generation business like FROSCH with a strong family culture consisting of similar core values. I have tremendous respect for Chris Conlin, his commitment to his employees and to providing the very best service and support to clients. I welcome him and his team to FROSCH and know that together we will achieve great success.”

Chris Conlin shared, “Partnering with FROSCH is a natural progression for our company, employees and clients. As second-generation owners, we share the same principles on how we approach and treat our people and businesses. We’ve pivoted many times over the years, and this is another great pivot. As trends, technologies, and techniques continue to transform the industry, one thing remains: our dedication to our clients. The scope and scale of FROSCH will enhance our business travel offerings to existing clients and new ones and allow for greater opportunities for my team members. Delivering personalized service with specialized knowledge, building excellent client relationships, and providing great value are what set us apart from the rest, and we look forward to enhancing all of this through our new alliance with FROSCH.”

About FROSCH

Founded in 1972 and co-headquartered in New York City and Houston, FROSCH is among the world’s top 15 travel management companies, according to Travel Weekly. FROSCH provides premium travel services to clients of all sizes through a seamless global operations platform and innovative technology solutions that simplify and streamline the travel experience for business and leisure travelers. For more information, visit  www.frosch.com .

About Conlin Travel Conlin Travel was founded in 1959 by Tom Conlin in Ann Arbor, Michigan. Second generation owner Chris Conlin runs the company today, having taken over in 2000 from his father. Over the years, Conlin Travel has worked with hundreds of thousands of clients, striving to make every travel journey an exceptional, value-driven experience. The Conlins have always instilled a positive and relationship-driven atmosphere within the company, as travel is about human interaction at its best. For more information, visit www.conlintravel.com

1. Purpose.

This ESG Policy (the “Policy”), dated December 2023, reflects our current approach to considering and addressing Environmental, Social and Governance (“ESG”) factors, which has been further developed and refined since we became a PRI signatory in 2019 and adopted our initial ESG Policy in 2017. This Policy retains the same fundamental principles and our commitment to integrate ESG considerations into our investment management business and portfolio company ownership practices. In developing this Policy, we have considered a range of guidance, including the Principles for Responsible Investment, the American Investment Counsel Guidelines for Responsible Investment and the Sustainable Development Goals.

2. Commitment.

EagleTree has always strived to maintain a strong culture of good governance to ensure that it operates in a socially responsible manner. In furtherance of this ethos and in accordance with our responsibilities to our clients and other stakeholders, EagleTree is committed to identifying and considering ESG issues, risks and opportunities associated with potential portfolio company investments and engaging with portfolio companies on these matters as necessary during our ownership.

In addition, we remain committed to compliance with national, state and local labor laws in jurisdictions in which we invest and to provide a safe and healthy workplace consistent with national and local laws. EagleTree continues to maintain policies and procedures that prohibit bribery and other illegal payments to public officials consistent with U.S. federal and state laws. We have implemented a robust cyber-security framework in order to protect our systems, networks, programs, devices and Firm and investor data from cyber-attacks.

This Policy is intended to provide a broad framework for EagleTree’s overall approach to ESG. EagleTree recognizes that its approach to different ESG factors may vary among portfolio companies of different sizes, that fall within different industry sectors and that operate in different geographies. Therefore, EagleTree may incorporate and alter different elements of this Policy for different portfolio companies across the stages of the investment management process, including during pre-acquisition, throughout ownership, and when positioning a portfolio company for an exit.

4. Roles and Responsibilities.

EagleTree’s ESG initiatives are overseen by its ESG Committee, which includes EagleTree’s two Co-Managing Partners and other members of senior management. The ESG Committee meets at least quarterly. An ESG Sub-Committee has also been formed to function as an ESG working group that carries out the day-to-day aspects of EagleTree’s ESG efforts and initiatives and is available as a resource for investment team members. The ESG Sub-Committee generally meets on a weekly basis and its responsibilities include: (i) engaging with EagleTree’s deal teams on pre-acquisition ESG due diligence matters; (ii) engaging with EagleTree’s third-party ESG specialists to conduct annual portfolio company-level ESG reviews; (iii) responding to investor and other stakeholder ESG requests; (iv) conducting annual employee training; and (v) reviewing and updating this Policy and EagleTree’s ESG program, as necessary, from time to time. The ESG Committee also aims to ensure that all EagleTree employees are aware of EagleTree’s culture of social responsibility and any amendments to this Policy.

As applicable, EagleTree’s Investment Committees in partnership with the ESG Sub-Committee oversees and considers ESG issues, if any, that are material to a potential portfolio company investment. With assistance from the ESG Sub-Committee and outside ESG specialists, as appropriate, EagleTree’s deal teams manage and monitor material ESG issues that have been identified during portfolio company ownership.

5. ESG Investment Process Integration

• Pre-Acquisition Process: During pre-acquisition, EagleTree will aim to:
• Incorporate detailed ESG considerations into our pre-investment decision-making process in order to better assess ESG risks and opportunities and to provide us with an initial overview of a potential portfolio company’s ESG profile.
• Tailor specific ESG inquiries and approaches based on various investment factors including the core industry sector of a particular investment.
• Engage with outside advisors, as necessary, to analyze and address ESG issues, risks and opportunities that arise.
• Consider whether a potential portfolio company’s business aligns with EagleTree’s core values.
• Identify any business line that would cause us to refuse to invest, including: (i) the manufacture or sale of handguns, assault weapons and/or ammunition; (ii) the distribution or sale of pornography; (iii) the direct and primary production or packaging of tobacco or alcoholic beverages; (iii) the production, sale, trade or distribution of illegal drugs; or (iv) a business that would pose a high reputational risk to EagleTree, its clients and/or other stakeholders. This list is not exhaustive and is qualified by our legal documentation and any applicable side letters governing our investments.
• Ownership Process: During ownership, EagleTree will aim to:
• Work with portfolio companies to advance EagleTree’s ESG principles with the goal of improving long-term performance and minimizing adverse impacts in these areas.
• Track ESG-related metrics across our portfolio companies and engage and collaborate with portfolio companies to consider recommendations from these findings.
• Work with portfolio companies to integrate sustainability considerations into their business plans, as applicable.
• Work with portfolio companies to address ever-changing cyber-security considerations.
• Respect the human rights of those affected by our investment activities and seek to confirm that our portfolio company investments do not support companies that utilize child or forced labor or maintain discriminatory policies.
• Exit Process: In positioning a portfolio company for an exit, EagleTree will aim to do the following, as applicable:
• Highlight the portfolio company’s progress on ESG matters.
• Summarize the positive impact that our integration of ESG initiatives had on the portfolio company’s business and/or culture.

6. Diversity and Inclusion.

EagleTree continues to promote diverse perspectives. In this regard, EagleTree has adopted a Diversity & Inclusion Statement and, in 2021, became a signatory to ILPA’s Diversity in Action Initiative. EagleTree seeks to improve diversity and inclusion within the Firm, across its portfolio company investments and in the private equity industry, where possible.

7. Social Impact

EagleTree has a history of charitable giving and an active Philanthropic Committee that strives to support a number of charities from both a financial and volunteer perspective and carries out the Firm’s initiatives in this regard. Our Philanthropic Committee, identifies several nonprofit charities each year with whom employees volunteer and EagleTree supports. EagleTree continues to encourage all of its employees to actively engage in nonprofit volunteer activities and giving in our communities.

8. Transparency.

EagleTree aims to provide timely information to its clients and other stakeholders on the matters addressed herein and to work with them to foster transparency with regard to its ESG initiative. EagleTree intends to engage with clients and stakeholders, from time to time, in dialogue regarding how we can manage ESG issues in a way that is consistent with their initiatives.

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