Sunsail's parent company First Choice Holidays, has today announced the acquisition of Grand Expeditions...
Parent company of rival charter operator The Moorings, from North Castle Partners - a US based leisure travel group specialising in premium leisure travel experiences, for a total consideration of £54m.
Synergy benefits of at least an equivalent £4.5m are anticipated as a result of the acquisition. These will arise primarily in the combined yacht charter businesses of Sunsail and The Moorings.
The Grand Expeditions management team will remain with the business and will help identify, manage and integrate further acquisitions in the region in their market segments.
Commenting on the acquisition, Peter Long, Chief Executive of First Choice said: "We are delighted that Grand Expeditions will be joining the First Choice Group. We have identified North America as a key source market for us in specialist niche segments. The acquisition of Grand Expeditions is a further development in First Choice's strategy of becoming a leading international leisure travel company offering a wide portfolio of leisure travel experiences. The companies within Grand Expeditions have significant growth characteristics and first-rate management teams with the drive and dynamism we want in the Group. By acquiring The Moorings, we are now able to offer the widest choice of sailing experiences in the world and we will ensure that we maximise the opportunities that this brings us. The escorted tours market, particularly at the premium end has been an area we were keen to enter and through this acquisition we have a significant platform from which to develop with leading brands."
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