The deal, which saw a stake in the luxury operator be sold to the US-based group for an undisclosed sum, will see long-time chief executive Paul Cleary and his UK management team retain control of the day-to-day running of the company.
Speaking to TTG, Cleary said the two companies have "an almost identical" product profile, and the joint venture has been "years in the making".
"We thought there was an opportunity for us to be stronger together, and for them to bring what they have to the table and for us to do the same," he said.
"I’m delighted that we finally got it over the line. Pre-Covid, in normal trading times, we had to look ahead as to how we can achieve scale and remain a market leader, and I think this deal really helps us with that.
"There are so many areas where we can help each other by sharing our expertise and knowhow. Technology is one of them, so we will look to get on the same platform, but also ways to enhance our combined buying power."
The ID Travel Group currently sells its product exclusively through US and Australian luxury agents. Cleary said the new agreement will allow the two brands to boost their purchasing power, particularly in the European luxury market, where the ID Travel Group doesn’t yet have a programme.
"There are so many synergies where we can help each other out while keeping our identities completely separate," Cleary said.
"In the UK, Caribtours is a trusted name with a trusted team, and that will remain completely independent and separately run."
Cleary also said the new venture could open doors to further expansion of the operator’s sales team, after it increased its staff six months ago in a bid to "get ahead of the recruitment curve".
"We’re now looking ahead, our 2023 figures are looking really strong at the moment but there are a lot of moving parts, currency being weak for example, but we feel fairly good," he continued.
"We hope January comes in strong, but I think booking patterns have changed quite a lot of the last few years so we will have to see."
Maurice Bonham-Carter, chief executive and president of the ID Travel Group, said: "We are thrilled to officially announce this exciting addition to the ID Travel Group. The synergy between our two renowned companies was undeniable and we knew this was the next strategic move for the expansion of ID and also Caribtours."
