Adelaide-based travel company SeaLink has purchased family-owned Sydney water cruise company Captain Cook Cruises for an undisclosed price, in a move that comes despite the fact the domestic travel and tourism market are struggling as travellers head overseas.
The acquisition comes as SeaLink chairman Giuliano Ursini says now is the time to be focusing on expansion, eyeing what he says is an inevitable recovery as the value of the Australian dollar falls and consumer confidence returns.
“We’re aware these are challenging times, but there is an argument that now is the time to do things, to catch the next wave and prepare for that.”
“We’re also talking about Sydney, an international city, it’s a hub to the world. So we now have access to that international market, and we’re very confident. I believe the power of the dollar is not sustainable.”
SeaLink announced the acquisition of Captain Cook Cruises yesterday, saying it would add $30 million in revenue to take the company to a total of $110 million. It will now control a workforce of over 650 people, with 300 added by the new acquisition – all are expected to remain employed.
Captain Cook Cruises, a family run business, was founded in 1970 by Trevor and Geraldine Haworth and began offering cruises around Sydney Harbour as a sightseeing tour. It now carries more than 750,000 passengers every year on 15 vessels, offering 150 cruises every week in Sydney, the River Murray and in Fiji.
“As a family business, we have always placed enormous value on our staff, customer and business relationships,” Haworth said. “It is very satisfying to know that SeaLink shares these same values.”
“SeaLink is the ideal tourism partner to add further investment and grow this business even further.”
SeaLink was founded in 1989 and its business includes a number of subsidiaries including The Ski Connection, Kangaroo Island Adventure Tours and Adelaide Sightseeing Tours. It also owns four retail travel agencies in Melbourne, Adelaide, Sydney and Townsville.
Haworth will be appointed general manager of Captain Cook Cruises, with Jackie Haworth Charlton remaining as director of sales.
Ursini says the company is now one of the largest employers in the tourism industry, and says the acquisition will add “critical mass”.
“We’ve been on the acquisition trail for some time, and we’re looking for more businesses that fit in well with us. We thought this being the international gateway to Australia, it’s a good gateway to the number of inbound tourists.”
“There was a strategic fit. We want to have greater resources and scale, add some career paths for our people, and this was the perfect fit.”
Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.
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