“Adishian Law Group served as legal counsel to our company for many years, handling a wide variety of legal matters. When it was time to select legal representation to advise us on the sale of the majority stake in our company, Chris was the perfect choice due to his extensive experience in handling successful company sales and acquisitions for many other business owners and entrepreneurs. From day one, we felt that we were in the best hands possible with Chris representing our side in all aspects of the sale.
We want to express our sincere thanks to Chris for leading us through a successful transaction. We appreciated his support, expertise, tough negotiating skills and the persistence he brought to the table throughout the extensive and lengthy process. We highly recommend Chris Adishian and his firm to anyone that is looking to sell their company in the future.
Thank you for your guidance and advice during the sale of our company that we built over twenty-five years from a small start-up to a nationally respected leader in the group travel industry.”
— Founders and former majority owners of Premier World Discovery
Transaction Overview. Adishian Law Group served as exclusive sell-side legal counsel to the owners of Premier World Tours, LLC dba Premier World Discovery in the sale of a majority interest to an affiliate of Long Horizon Partners. The private equity buyers were represented by a well-known national firm.
Documents and Services: On behalf of our clients, our firm led the legal work on the transaction from post LOI through Closing. Our services included general transaction management, counseling the company on due diligence as well as negotiating, reviewing and drafting the following:
- Due Diligence Requests and Responses
- Asset Purchase Agreement
- Transition Services Agreement
- Assignment and Bill of Sale
- Trademark Assignment Agreement
- Domain Name Assignment Agreement
- LLC Agreement for Purchasing Entity
- Seller Subordination Agreement
- Subscription Agreement
- Employment Agreement
- Closing Certificates
- Escrow Agreement
A Word About Our Client’s Entrepreneurial Journey. We feel it is important spotlight the vision and drive required to build an organization from just an idea to the point where it is attractive to a sophisticated buyer. Twenty-five years ago, Premier World Discovery was a start-up group tour operator in Redondo Beach, California with no employees and initially offering select tours in the United States and Canada. From these humble beginnings in the early years, it has grown into a leading nationwide group tour operator in the travel industry offering tour destinations spanning the globe. The founders were true entrepreneurs. They credit vision, hard work and a willingness to take chances as a few of the reasons for the company’s success along with an incredible team of tenured employees and a dedicated staff who made the three owners’ life work so significant, meaningful and rewarding.
That is a remarkable effort. Without the client’s dream, there is no transaction to report. Overnight success doesn’t happen overnight….here it took about 25 years.
Legacy. With many sales of privately held businesses, “legacy” is often a leading consideration for the selling Owner. This is especially true where, as here, the owners literally poured their lives into the business. In these cases, a business often represents the Seller’s career. Therefore, Sellers want to sell to a Buyer who (a) shares their same business values and (b) will continue to conduct the business to the same standards they have established. In the public sphere it has been noted that many top performing privately held businesses feel comfortable selling to Berkshire Hathaway because they feel confident that the business will be well run long after the Seller is no longer involved.
Choice of Legal Counsel. Every time a client has a choice to retain legal counsel for an M&A transaction it is often a competitive situation. When a client places their faith in us to assist them with accomplishing their major goals it means a lot to us. We’re grateful for their trust and confidence, and for the privilege to contribute our skills to their success
ABOUT PREMIER WORLD DISCOVERY
Premier World Discovery now offers more than 80 first class guided tours around the world covering five different continents. Guided group tours throughout the United States & Canada, Europe, Cuba & Central America, Africa, Australia, New Zealand and Asia. The company also charters European river cruise ships giving their travelers the opportunity to cruise along and experience all of the major rivers in Europe such as the Rhine, Danube, Seine, Rhone & Saone, Douro and more. The company is proud to now have more than 60 full-time dedicated employees including an inside support and service team located in the Redondo Beach headquarters and a nationwide sales team or more than 20 full time sales managers and BDMs.The company also has a San Diego office location that several employees work out of for its AFC Vacations brand, a tour company that the Premier World Discovery acquired in 2018. The Company has served more than 150,000 travelers around the world to “bucket list” destinations. These are once-in-a-lifetime adventures that travelers worked throughout their lifetimes to be able to afford, experience and enjoy.
To learn more about Premier World Discovery and its current tour offerings visit premierworlddiscovery.com and www.afcvacations.com.
ABOUT ADISHIAN LAW GROUP, P.C.
Adishian Law Group is a California law firm with a statewide M&A practice led by Chris Adishian. To see other transactions, please view our Case Studies and review other Press Releases.
For more information about this transaction, or if you need help with your sale or acquisition, please contact Chris Adishian:
Telephone: 310.726.0888 | 650.955.0888 | 415.955.0888
Email: askalg@adishianlaw.com
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