Thomson Geer has advised ANZ on the acquisition of 100% of the securities in the Transit Systems Ferries Group by SeaLink Travel Group. The purchase price of $125 million (plus working capital adjustments) included vessels, land, plant equipment, all contracts, licences, intellectual property and goodwill, and includes the renowned Stradbroke Ferries.
The acquisition was funded through the issue of 3.2 million shares to the vendor and a recent capital placement and share purchase plan which raised $51 million, with the balance being funded by debt funding from ANZ of approximately $58 million.
SeaLink is an ASX listed established, geographically diversified tourism and transport company operating in SA, NSW, QLD and NSW with revenue of more than $107million per annum. It provides services in two diverse industries being the Transport Industry, moving regular commuters and freight between travel destinations, and also the Tourism Industry, promoting and packaging holiday destinations, providing tours and delivering tourists to travel destinations.
Transit Systems is an Australian-owned transport company founded in 1995. As well as the marine operations in Queensland, it operates a substantial bus business both in Australia and overseas. Due to major expansion of their international bus businesses, the owners wish to divest their marine operations.