Leading B2B Travel Industry Events, Media, and Information Services Company Will Continue to Operate Independently as a Wholly-Owned Subsidiary of JTB

Northstar Travel Group (“Northstar”), a leading B2B travel industry events, media and information services company, today announced that JTB Corp. (“JTB”), one of Japan’s leading travel solutions providers, has signed a definitive agreement to acquire Northstar from investment funds managed by EagleTree Capital and its co-investors. As part of the transaction, Northstar will operate as a wholly-owned, independent subsidiary of JTB and will continue to be led by its existing management team, including Chief Executive Officer Jason Young. Terms of the transaction were not disclosed.

Northstar operates iconic B2B travel event, media, and market intelligence brands like Travel Weekly, Business Travel News, ALIS, The Meetings Show, and Phocuswright. Through these platforms, Northstar connects a global audience of more than one million professional travel buyers, who shape and drive the travel industry, with more than 1,500 supplier customers seeking to engage them.

“We are thrilled to partner with JTB as we enter the next phase of our company’s incredible history,” said Young. “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.”

The transaction advances JTB’s growth strategy, which includes geographic expansion and targeted investments in events, information services, market intelligence, and other strategic lines of business associated with the travel industry.

“Today's announcement marks the beginning of an exciting new chapter for JTB Group,” said Eijiro Yamakita, President and CEO of JTB Group. “Northstar brings outstanding expertise and fresh perspectives that perfectly align with our strategic vision. By operating Northstar as an independent subsidiary, we preserve their neutral market position while creating a powerful platform for delivering superior customer experiences. We are confident this structure will unlock significant growth potential while contributing to the innovation and future growth of the travel industry.”

Co-Managing Partner Anup Bagaria and Senior Partner Michael Struble of EagleTree Capital commented, “It has been an honor to partner with the Northstar team, including Chairman and former CEO Tom Kemp and current CEO Jason Young, and to witness the Company’s impressive transformation over the last few years. We are confident Northstar is well positioned for future success and look forward to watching it thrive as part of JTB.”

BrightTower served as financial advisor and Jones Day served as legal counsel to Northstar. SMBC Nikko served as financial advisor and Venable LLP and Mori Hamada & Matsumoto served as legal counsel to JTB.

Closing of the transaction is expected in September 2025, subject to customary closing conditions, including regulatory approvals.

About Northstar Travel Group

Northstar Travel Group is the leading business-to-business media company providing information and marketing solutions for the global travel industry. The company owns fourteen media brands connecting 1.3M industry professionals through a comprehensive portfolio of digital, social, print and more than one hundred events in thirteen countries. Northstar Travel Group is based in Rutherford, NJ, and more information is available at www.northstartravelgroup.com.

About JTB Corp.

JTB is one of Japan's leading travel solutions providers, offering a diverse range of services and products tailored to meet the evolving needs of its clients. With a rich history dating back to 1912, JTB has consistently adapted and innovated to maintain its position at the forefront of the industry. From individual travel and the promotion of regional tourism to business meetings and sporting events, JTB offers support for a wide spectrum of travel-related activities. Guided by its vision "Perfect moments, always," JTB is committed to delivering personalized experiences to individuals, businesses and institutions worldwide. With a global presence spanning 152 locations across 36 countries, JTB seamlessly connects people, places and possibilities, all while fostering a sustainable future. For more information, visit www.jtbcorp.jp/en/.

About EagleTree Capital

EagleTree Capital is a leading New York-based middle-market private equity firm, with $4.8 billion of assets under management, that has completed over 45 private equity investments and over 105 add-on transactions over the past 20+ years. EagleTree primarily invests in North America in the following sectors: business services, consumer, and specialty industrial. For more information, visit www.eagletree.com or find EagleTree on LinkedIn.

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