fredag 13 december 2013 | the Congrex crash
Congrex Panama bought by managers
Professional congress organiser Congrex Panama City, a subsidiary of the beleaguered Congrex Group, has been bought by managers. Source British aim magazine, www.meetpie.com/ami/
The six-strong company, led by managing director Javier Montilla, will trade under the Congrex moniker for the near future before deciding whether or not to rename the business.
Managing director Javier Montilla said: "The Panamanian government have assigned a top priority to their interest in the meetings Industry recognising its importance in the development of the country.
"Panama is investing heavily in infrastructure including a new convention centre for approximately 15,000 people for 2015, new roads and a metro system along with other significant public works. Panama has also developed a destination marketing organisation to promote Panama as a destination for events."
Former Group COO and head of Congrex UK Rob Harrison – now CEO of Contendam - was part of the buy-out team and will serve on the board of directors.
The MBO is the latest in a string of internal takeovers at Congrex since the parent company Congrex Holding was put into bankruptcy earlier this year. Congrex UK was bought by managers and is now called Contendam, Congrex Belgium was bought by rival MCI, and Congrex Switzerland AG, along with Congrex Travel AG, were bought by managers last month. Congrex Sweden, the first to be declared bankrupt, is no longer trading. Only Congrex Holland has yet to determine its future.
Pictured: Javier Montilla