<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
--------------------------
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
GLOBAL VACATION GROUP, INC.
(Name of Issuer)
--------------------------
COMMON STOCK, PAR VALUE $0.01 PER SHARE
(Title of Class of Securities)
--------------------------
37937F106
(Cusip Number)
--------------------------
DAVID W. BERNSTEIN, ESQ.
ROGERS & WELLS LLP
200 PARK AVENUE
NEW YORK, NEW YORK 10166
(212) 878-8000
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
--------------------------
JUNE 21, 2000
(Date of event which requires filing of this statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box
|_|.
(Continued on following pages)
Page 1 of 6 Pages
<PAGE> 2
CUSIP No. 37937F106 13D Page 2 of 7 Pages
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
GV INVESTMENT LLC
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)[X]
(b)[ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCES OF FUNDS
OO
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e)
[ ]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
NUMBER OF
0
SHARES -----------------------------------------------------
8. SHARED VOTING POWER
BENEFICIALLY
0
OWNED BY -----------------------------------------------------
9. SOLE DISPOSITIVE POWER
EACH
0
REPORTING -----------------------------------------------------
10. SHARED DISPOSITIVE POWER
PERSON WITH
5,238,095
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,238,095
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
[ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
26.7%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
OO (limited liability company)
--------------------------------------------------------------------------------
<PAGE> 3
CUSIP No. 37937F106 13D Page 3 of 7 Pages
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
THREE CITIES FUND III, L.P.
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)[X]
(b)[ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCES OF FUNDS
Not Applicable
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e)
[ ]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
NUMBER OF
0
SHARES -----------------------------------------------------
8. SHARED VOTING POWER
BENEFICIALLY
0
OWNED BY -----------------------------------------------------
9. SOLE DISPOSITIVE POWER
EACH
0
REPORTING -----------------------------------------------------
10. SHARED DISPOSITIVE POWER
PERSON WITH
0
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,238,095
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
[ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
26.7%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
<PAGE> 4
CUSIP No. 37937F106 13D Page 4 of 7 Pages
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
THREE CITIES RESEARCH, INC.
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)[ ]
(b)[X]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCES OF FUNDS
Not Applicable
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e)
[ ]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
NUMBER OF
0
SHARES -----------------------------------------------------
8. SHARED VOTING POWER
BENEFICIALLY
0
OWNED BY -----------------------------------------------------
9. SOLE DISPOSITIVE POWER
EACH
REPORTING -----------------------------------------------------
10. SHARED DISPOSITIVE POWER
PERSON WITH
5,238,095
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,238,095
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES
[ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
26.7%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
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ITEM 1. SECURITY AND ISSUER.
This Statement on Schedule 13D relates to the shares of common stock,
$.01 par value per share (the "Shares"), of Global Vacation Group, Inc., a New
York corporation (the "Company"). The Company's principal executive offices are
located at 1420 New York Avenue, N.W., Suite 575, Washington, D.C. 20005.
<PAGE> 5
ITEM 2. IDENTITY AND BACKGROUND.
(a)-(c) The persons (the "Reporting Persons") filing this Statement are
GV Investment LLC, a Delaware limited liability company ("GVI"), its controlling
member Three Cities Fund III, L.P., a Delaware limited partnership ("Fund III")
and the investment advisor to Fund III, Three Cities Research, Inc.
("Research").
GVI is a Delaware limited liability company formed to purchase
$27,500,000 principal amount of the Company's 9% convertible subordinated notes
(the "Notes"), which are convertible into Shares of the Issuer. The principal
business address of GVI and the location of its principal office is c/o Three
Cities Research, Inc., 650 Madison Avenue, New York, New York, 10022.
Fund III is a Delaware limited partnership formed to invest in
securities selected by its investment committee. The principal business address
of Fund III and the location of its principal office is c/o Three Cities
Research, Inc., 650 Madison Avenue, New York, New York 10022.
The sole general partner of Fund III is TCR Associates III, L.L.C., a
Delaware limited liability company ("TCR Associates"). The principal business of
TCR Associates is serving as the sole general partner of Fund III and another
fund advised by Research. The principal business address of TCR Associates and
the location of its principal office is c/o Three Cities Research, Inc., 650
Madison Avenue, New York, New York 10022.
The managing member of TCR Associates is TCR GP, L.L.C., a Delaware
limited liability company ("TCR GP"). The principal business of TCR GP is
serving as the managing member of TCR Associates. The principal business address
of TCR GP and the location of its principal office is c/o Three Cities Research,
Inc., 650 Madison Avenue, New York, New York 10022. The name, residence or
business address and present principal occupation or employment of each of the
managing members of TCR GP is as follows:
<TABLE>
<CAPTION>
Residence or Principal Occupation
Name Business Address or Employment
---- ---------------- -------------
<S> <C> <C>
Williem F.P. de Vogel c/o Three Cities Research, Inc. President and a Director of Research
650 Madison Avenue
New York, NY 10022
Thomas G. Weld c/o Three Cities Research, Inc. Treasurer and a Director of Research
650 Madison Avenue
New York, NY 10022
J. William Uhrig c/o Three Cities Research, Inc. Secretary and a Director of Research
650 Madison Avenue
New York, NY 10022
H. Whitney Wagner c/o Three Cities Research, Inc. Director of Research.
650 Madison Avenue
New York, NY 10022
</TABLE>
Research is the investment advisor for Fund III. The principal business
address of Research and the location of its principal office is 650 Madison
Avenue, New York, NY 10022. The name, residence or business address and present
principal occupation or employment of each executive officer and director of
Research is as follows:
<TABLE>
<CAPTION>
Residence or Principal Occupation
Name Business Address or Employment
---- ---------------- -------------
<S> <C> <C>
Williem F.P. de Vogel c/o Three Cities Research, Inc. President and a Director of Research
650 Madison Avenue
New York, NY 10022
Thomas G. Weld c/o Three Cities Research, Inc. Treasurer and a Director of Research
650 Madison Avenue
New York, NY 10022
J. William Uhrig c/o Three Cities Research, Inc. Secretary and a Director of Research
650 Madison Avenue
New York, NY 10022
</TABLE>
<PAGE> 6
(d)-(e) During the last five years, none of the entities listed in this
Item 2 has been convicted in a criminal proceeding (excluding traffic violations
or similar misdemeanors) or was a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such proceeding
was or is subject to a judgment, decree or final order enjoining further
violations of, or prohibiting or mandating activities subject to, Federal or
State securities laws or finding any violation with respect to such laws.
(f) Each person named in this Item 2 is a citizen of the United States
of America except for William F. P. de Vogel, who is a citizen of the
Netherlands.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
GVI purchased the Notes, which are convertible into the Shares, for
$27,500,000. GVI used contributions made to it by Fund III to make those
purchases.
ITEM 4. PURPOSE OF THE TRANSACTION.
The purpose of the transaction is to obtain the benefits of an equity
investment in the Company on a basis that will generate interest income. In
connection with the investment, GVI and Thayer Equity Investors III, L.P., a
Delaware limited partnership and the Company's majority shareholder ("Thayer"),
entered into a Shareholders Agreement, which provides for certain restrictions
on transfer of the Shares and requires the Company to maintain its Board of
Directors at eight directors, two of which are to be designated by GVI (such
number to decrease if GVI's holdings in the Company decrease).
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a)-(b) As of the close of business on June 21, 2000, the Reporting
Persons own $27,500,000 aggregate principal amount of the Notes, which are
convertible into 5,238,095 Shares of the Company. As the controlling member of
GVI, Fund III may be deemed to be a beneficial owner of those Shares pursuant to
the definition of "beneficial owner" set forth in Rule 13d-3 under the
Securities Exchange Act of 1934, as amended (the "Exchange Act"). As the
investment advisor to Fund III with disposition power over the Shares, Research
may also be deemed to owner under the Exchange Act.
(c) On June 21, 2000, GVI purchased $27,500,000 aggregate principal
amount of the Notes, which are convertible into 5,238,095 Shares of the Company.
(d) To the best knowledge of the Reporting Persons, no other person is
known to have the right to receive or the power to direct the receipt of
dividends from, or the proceeds from the sale of, the shares beneficially owned
by GVI.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
Except as described under Items 4 and 5, there exist no contracts,
arrangements, understandings or relationships (legal or otherwise) between any
of the Reporting Persons and any other persons with respect to any securities of
the Issuer, relating to the transfer or voting of any such securities, finder's
fees, joint ventures, loan or option arrangements, puts or calls, guarantees of
profits, division of profits or loss, or the giving or withholding of proxies.
However, it is anticipated that Fund III will transfer 5.39% of the interest it
holds in GVI to two other investment funds advised by Research Inc.: TCR
Friends III, L.P., a Delaware limited partnership, will receive a 2.41%
interest in GVI and TCR GP will receive 2.98% interest in GVI.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
<PAGE> 7
Exhibit A - - Note Purchase Agreement, dated June 20, 2000.
Exhibit B - - Shareholders Agreement, dated June 20, 2000
Exhibit C - - Joint Filing Agreement dated June 30, 2000.
<PAGE> 8
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: June 30, 2000
GV INVESTMENT LLC
By: /s/ J. William Uhrig
-------------------------------
Name: J. William Uhrig
Title: President
THREE CITIES FUND III, L.P.
By: TCR Associates III, L.L.C.,
its General Partner
By: TCR GP, L.L.C.
its Managing Member
By: /s/ Willem de Vogel
-------------------------------
Name: Willem de Vogel
Title: Managing Member
THREE CITIES RESEARCH, INC.
By: /s/ Willem de Vogel
-------------------------------
Name: Willem de Vogel
Title: President
