Case Summary: Travel Holdings, Inc

Travel Holdings, Inc

$100 million Senior Term Loan


Founded in 1994, Travel Holdings, Inc. is a technology focused, global travel distributor providing both B2B and B2C services through its Tourico Holdings and Last Minute Travel brands respectively. THI works with over 25,000 hotel companies worldwide such as Marriott, Hyatt, Hilton and Starwood. Their customers include both online travel companies such as Expedia, Hotwire as well as airlines and travel agencies.


The Company had partnered with Pharos Capital as well as other minority institutional shareholders in 2004 in order to complete an acquisition. The institutional shareholders were seeking a liquidity event which provided an opportunity for the founder to acquire majority control.


Crystal participated in a $100.0 million senior term loan agented by Comvest Partners. Proceeds from the facility were used to complete the recapitalization.