24/02/2016 - 13:25

Cruise operator sold for $12 million

24/02/2016 - 13:25

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Captain Cook Cruises has been operating for 36 years.

River cruise operator Captain Cook Cruises has been sold to national operator SeaLink Travel Group, in a deal worth around $12 million.

Adelaide-based SeaLink announced the deal to buy all of Captain Cook Cruises’ ferries, plant equipment, contracts and intellectual property to the ASX today, marking its first foray into the Western Australian market.

SeaLink operates tourism and transport services in South Australia, New South Wales, Queensland and the Northern Territory.

Managing director Jeff Ellison said WA was well poised for a strong tourism expansion, which was a key factor in making the acquisition.

“We see significant upside with the opening in January this year of Elizabeth Quay,” he said.

“This development will reconnect the city and the Swan River, bringing public spaces, business opportunities and much needed accommodation to Perth.”

Mr Ellison said there was potential to expand Captain Cook Cruises’ offering, providing ferry transport to Perth Stadium and the expanded Crown Casino.

Captain Cook Cruises was founded by the Goodbody family in 1980.

It operates seven vessels offering river cruises from Fremantle to the city, as well as the Swan Valley.

Unaudited turnover for the group in the 2015 financial year was $10 million.

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