Joe DeMarinis Announces Retirement As Red Label Deal Closes
Bruce Parkinson, Open Jaw
Prominent industry veteran Joe DeMarinis has announced his retirement following the closing of a deal that sees H.I.S. Acquireco Inc. purchase Red Label Holdings.
H.I.S. Acquireco Inc. is a subsidiary of H.I.S. Group, a global travel services company based in Japan. H.I.S. Group already has a significant foothold in the Canadian market. It acquired specialty travel company Merit Travel Group in December 2016.
Under the terms of the agreement, Red Label Vacations will continue to operate as an independent, wholly-owned subsidiary of H.I.S.
"It is with mixed and bittersweet emotions that I notify you that Red Label Holdings, the parent company for RedTag.ca, Itravel2000.com, Travelexperts and Travelbrands has signed an agreement on March 1, 2019 for the sale of its retail and wholesale companies to H.I.S ACQUIRECO INC," Demarinis wrote.
"With over 30 years in the Industry, I have decided to retire from travel and spend time with my lovely wife and family. Over the years I have had many partners and colleagues become great friends. I Thank You for the great memories that I take with me, and will miss each and every one of you. I'm excited to see what lies ahead and will update you."
An observer and analyst of the Canadian and international travel industries for over 25 years, Bruce uses the pre-dawn hours to prepare a daily news and information package to keep industry members up to date.