Orlando, November 2004 – Travel Holdings Inc. has closed a $15 million Series A Convertible Debt financing. The round was led by Pharos Capital Group, with co-investors including Massey Burch, BEV Capital, Everest Capital, New Media Holding Company and Libra Securities.
In conjunction with the financing, Michael Devlin of Pharos Capital Group, Lucius Burch of Massey Burch, and [XXX] of BEV Capital have agreed to join the Company’s Board of Directors.
The Company intends to use the proceeds of the offering to increase its supply of hotel room inventory and commitments, expand its corporate travel services, fund its working capital needs and for other general corporate purposes.
About Travel Holdings, Inc.
Based in Orlando, FL, Travel Holdings, Inc. is a leading travel services wholesaler that primarily supplies travel products to agents, online travel distribution companies and foreign tour operators. The company maintains an extensive array of negotiated rates with both hotel and air providers, allowing it to sell travel products at significant discounts. In addition to being one of the largest inbound tour operators in North America, Travel Holdings also provides private label websites for international tour operators and wholesalers, a b2b website for U.S. retail travel agents and a variety of consumer websites, including a market-leading consumer travel website, LastMinuteTravel.com, with over 2.5 million registered users.
About Pharos Capital Grou
Based in Dallas and Nashville, Pharos Capital Group currently has over $350 million in capital under management. Pharos primarily invests $5 to $15 million in companies seeking later stage equity funding for internal growth, acquisitions, management buyouts or recapitalizations across industry sectors, with particular focus on healthcare, business services and technology.