Beneficium sells DAE and @Work International to RCI
August 15, 2017 1:06 pm
Beneficium, owner of resort and member management group Classic Holidays, has announced that it has reached an agreement on the sale of its timeshare exchange company DAE, and its software development company @Work International, to RCI part of the Wyndham Worldwide family of brands (NYSE: WYN). The deal is subject to customary conditions precedent, including receipt of applicable regulatory approval.
“We believe that this transaction will mark the beginning of a new positive chapter in Beneficium’s, and Classic Holidays’ own history as we continue to focus on the growth of our core businesses.” said Beneficium Chairman Ramy Filo. “In addition, this is a perfect fit for RCI, and this acquisition will provide opportunity for expansion of both DAE and @Work.”
CEO and founder, Francis Taylor, will stay with DAE as Managing Director. “This acquisition will provide DAE with the resources it needs to fulfil its full potential”, said Taylor. “It’s a great opportunity for the company and its dedicated staff around the world.”
Peter Vanderhorst, Managing Director of @Work International, will also remain with the company. “We see many opportunities for @Work, particularly now it can work in parallel with RCI and its network of customers.”
Beneficium (Int) Pty Ltd is Australasia’s leading service provider in hospitality, leisure and vacation ownership. As a group of complementary businesses they deliver the most advanced, responsive and customer?focused service at the forefront of the evolving timeshare industry. Its core brand, Classic Holidays, is market leader in its sector, setting the benchmark for service, growth and productivity. For more information, visit www.beneficium.com.au