Central Holidays, a U.S. tour operator specializing in Italy and the Mediterranean, has been acquired by Sakkara Group International (SGI), an Egyptian travel company, for an undisclosed amount. Central Holidays will keep its name and continue to function as a separate entity.
Brothers Joe and Fred Berardo founded the tour operator company in 1972. Fred Berardo will retain his position as president to focus on business development, while Joe Berardo will join the board of directors.
Gianni Miradoli, who has worked at Central Holidays for many years, will serve as acting CEO during the transition.
“We need a strong financial company that can place us on the map with a stronger presence with new ideas and a new push,” said Miradoli. “The Sakarra Group is a very strong group financially. I strongly believe that the brothers Berardo made the correct move if they decide to really retire from this business. They [sold] to a very good company.”
A global company established in 1972, SGI also owns tour operators STI Travel USA, STI UK, STI India and STI Voyages in France. STI Travel USA will relocate from Hackensack, N.J., to Central Holidays’ headquarters in Moonachie, N.J.