Investor fuels ongoing expansion of Scottsdale firm

International Cruise & Excursions Gallery, Inc. has made an agreement with 3i Group, a leading international investment manager. (Submitted photo)

Scottsdale-based International Cruise & Excursions Gallery, Inc. has announced the company has entered into an investment agreement with 3i Group, a leading international investment manager.

Under the terms of the agreement, 3i will make an investment in ICE, enabling the company “to accelerate its growth trajectory by expanding into new markets and furthering its commitment to technology and innovation in product development,” according to a release announcing the agreement.

Founded in 1997 by John and Marcia Rowley, ICE has more than 2,000 employees and offices in Australia, Europe, India, Mexico, New Zealand and the United Kingdom.

“We are extremely proud of our extended family of employees, our brand partners and global suppliers, who from the beginning have committed to ICE’s strategic vision and unique business model, allowing us to build a successful, technology-driven business that provides high-value vacation opportunities for millions of customers around the globe,” John Rowley, ICE co-founder and CEO stated in the release.

ICE partners with brands worldwide to provide its customers access to travel and leisure products at exclusive rates. The company has developed proprietary technology that enables it to offer a wide range of loyalty, rewards and open-itinerary travel products across a large assortment of cruise, resort, air, car and hotel stays, according to ICE officials.

3i is focused on mid-market private equity and infrastructure and invests across northern Europe and North America. “3i brings to ICE global expertise in the travel sector as well as a track record in technology-enabled services, the release stated.

“This is an exciting investment opportunity and an excellent fit for 3i’s experience and track record in travel and technology-enabled services,” Andrew Olinick, co-head 3i North America, stated. “ICE is a unique business that offers tangible benefits to all its stakeholders. We believe 3i can provide significant support to help ICE grow internationally and improve its offering for customers through enhanced sales and marketing initiatives.”

Mr. Rowley stated that partnering with 3i will facilitate continued growth for ICE and help it expand its model into new markets.

“Marcia Rowley and I will retain significant ownership in ICE and will continue in our current leadership roles,” he stated. “Our senior leadership team, who have been instrumental to our success, will also co-invest with 3i in ICE.”

Robert W. Baird & Co. acted as exclusive financial adviser to ICE. Loeb & Loeb, LLP and Kirkland & Ellis acted as legal counsel to ICE and 3i, respectively.

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