EagleTree Capital successfully sold Northstar Travel Group, a B2B media company in the travel sector, to JTB Corp after significantly transforming its revenue model and navigating pandemic challenges.

Target Company Overview

Northstar Travel Group, based in Rutherford, New Jersey, is a B2B media company focused on the travel industry. Under the leadership of its former CEO, Tom Kemp, Northstar grew significantly since being acquired by EagleTree Capital in 2016, transitioning its revenue model away from print advertising towards digital channels and live events. With 11 strategic acquisitions and various initiatives, EagleTree successfully enhanced the company's revenue and EBITDA.

Originally intended to be sold in early 2020, the sale faced delays due to the global pandemic, which significantly impacted the travel and events sectors. Despite these challenges, Northstar adapted and thrived by prioritizing resilience and customer engagement, setting the stage for a successful eventual exit from its private equity ownership in August 2025.

Industry Overview

The B2B media landscape, particularly in the travel sector within the United States, has been undergoing significant transformations in recent years. The shift towards digital media has accelerated dramatically as