Add-on Acquisition • Leisure

Hornblower Group Acquires Journey Beyond

On February 15, 2022, Hornblower Group acquired leisure company Journey Beyond from Allegro Funds

Acquisition Context
  • This is Hornblower Group’s 1st transaction in the Leisure sector.
  • This is Hornblower Group’s 1st transaction in Australia.

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M&A Deal Summary

Date February 15, 2022
Target Journey Beyond
Sector Leisure
Buyer(s) Hornblower Group
Sellers(s) Allegro Funds
Deal Type Add-on Acquisition

Target Company

Journey Beyond

Adelaide, Australia
Journey Beyond is an experiential tourism group that is privileged to own and operate 13 brands spanning the country, connecting guests to the land, and to each other. Journey Beyond was founded in 2016 and is based in Adelaide, Australia.
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Buyer Overview 1

Buyer

Hornblower Group

San Francisco, California, United States

Category Company
Founded 1980
Sector Leisure
DESCRIPTION

?Hornblower Group provides experiences and transportation services under two premier experience divisions: City Experiences,?its land- and water-based experiences as well as ferry and transportation services; and?Journey Beyond, Australia's leading experiential travel group. The group's portfolio of international offerings includes water-based experiences (dining and sightseeing cruises), land-based experiences (walking tours, food tours, and excursions), overnight experiences (cruises and railways), and ferry and transportation services. Hornblower Group was founded in 1980 and is based in San Francisco, California.


Deal Context for Buyer #
Overall 1 of 1
Sector: Leisure 1 of 1
Type: Add-on Acquisition 1 of 1
Country: Australia 1 of 1
Year: 2022 1 of 1

Seller Profile 1

SELLER

Allegro Funds

Sydney, Australia

Investor Investor Investor Investor Investor


Category Distressed Investor
Founded 2004
PE ASSETS 4.8B AUD
Size Large
Type Sector Agnostic
DESCRIPTION

Allegro Funds is an independent private equity firm focused on mid-sized investment opportunities in Australia and New Zealand. The Firm will consider investing in businesses needing capital for growth, management buyouts, as well as more complex turnarounds and restructurings. Allegro's target investment size is A$10 to A$100 million in transactions valued up to A$300 million. Allegro is a generalist investor, however the Firm will not invest in property development, agriculture, or mining/exploration. Allegro Funds was formed in 2004 and is based in Sydney.


Deal Context for Seller #
Overall 10 of 16
Sector: Leisure 2 of 2
Type: Add-on Acquisition 3 of 7
Country: Australia 7 of 13
Year: 2022 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-30 Interiors Group

Auckland, New Zealand

Interiors Group is a specialist provider of flooring and window furnishings operating through both company owned and franchised stores. The Interiors Group operates through the Carpet Court, CurtainStudio and The Floor Store brands, and offers a wide range of exclusive and own branded products. Interiors Group is based in Auckland, New Zealand.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-27 Gull

Auckland, New Zealand

Gull is an independent vertically integrated fuel retailer and terminal operator. Gull operates a network of 117 retail outlets, the majority of which are unmanned sites, and retails over 500 megalitres of fuel annually. Gull was founded in 1998 and is based in Auckland, New Zealand.

Buy NZ$522M

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