https://www.afr.com/companies/financial ... 112-p59nmv
Journey Beyond, owner of “experiential” attractions from The Ghan train to the observation deck and restaurant at the top of Melbourne’s landmark Eureka Tower, has changed hands for $600 million in a deal timed perfectly for the rebound in holiday travel.
The Australian Financial Review can reveal that Sydney buyout firm Quadrant Private Equity has sold Journey Beyond, which also operates the Rottnest Express ferry service to the idyllic car-free holiday island of Rottnest 19 kilometres off Perth, to American cruise operator Hornblower Group.
Journey Beyond owns The Ghan train service between Adelaide and Darwin and other holiday “experience” attractions.
The deal comes as forward bookings for Journey Beyond’s attractions, which are popular with holidaying families and “grey nomads”, have doubled as states stick with their reopening plans, notwithstanding the rapidly growing numbers of the omicron variant of COVID-19.
Hornblower Group, the parent company of the American Queen Steamboat Company, Victory Cruise Lines and a number of day-cruise companies, has been owned by New York-based private equity firm Crestview Partners since 2018 when it assumed control after a leveraged buyout.
Journey Beyond, run by group chief executive Chris Tallent, also operates Outback Spirit Tours and Horizontal Falls Seaplane Adventures. Its main appeal for Crestview and Hornblower is that its interconnected rail services and luxury coaches can provide an end-to-end network across the country on which passengers can enjoy – and pay for – multiple trips and “experiences”, such as meals under the stars in the Nullarbor, throughout their journey.
Hornblower is based in San Francisco, California, and has a foothold in 125 cities across the United States. It is expected to use its expertise in the mature US market to increase the cross-selling and marketing opportunities across the Journey Beyond portfolio of attractions and facilitate further growth.
Journey Beyond’s 1200-odd staff were told of the change of control on Wednesday afternoon, sources said. It is believed the business will remain headquartered in Adelaide.
Mr Tallent, a former boss of GPT Group-owned Voyager, declined to comment when contacted by the Financial Review
Ghan owner Journey Beyond changes hands
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Ghan owner Journey Beyond changes hands
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Re: Ghan owner Journey Beyond changes hands
Hope the new operators will be able introduce packages for those wanting to travel on The Overland e.g. day trips or overnight packages. Like Monarto Zoo, The Coorong etc.
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Re: Ghan owner Journey Beyond changes hands
I think those tours would be better as standalone ones - or perhaps day trips from the IP or Ghanloungeman76 wrote: ↑Fri Jan 14, 2022 5:12 pm Hope the new operators will be able introduce packages for those wanting to travel on The Overland e.g. day trips or overnight packages. Like Monarto Zoo, The Coorong etc.
JBR doesn’t want to run the Overland, the only reason it runs is because the Victorian Government takes pleasure in supporting unsustainable businesses. If they’re actually serious about “providing a service”, they would either do it themselves or contract it out properly.
First person on 822, 865 (2016 re-route).
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Last person on 164, 867, 868