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Sail-World.com : Sunsail buys Moorings for $127million.
Sunsail buys Moorings for $127million.
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'Sunsail charter division having fun at the Kings Cup'
Guy Nowell ©
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Sunsail's parent company First Choice Holidays, last week announced the acquisition of Grand Expeditions, parent company of rival charter operator The Moorings, for $127million (UKP54m.) from North Castle Partners — a US based leisure travel group specialising in premium leisure travel experiences.
The move seems to be in line with the worldwide trend forever bigger and bigger conglomerates, and the merging of the two comptitors would seem at first sight to lessen the choice for the consumer.
The synergy benefits of at least an equivalent £4.5m that are anticipated as a result of the acquisition will arise primarily in the combined yacht charter businesses. It will also give Sunsail a strong entry into the North American market.
However, the significance of the acquisition is much greater than just the combination of two sailing charter operators.
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.’
The company also divulged that 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.'
Does this mean more charter companies will be on the shopping list in the near future?
Sunsail Asia Pacific Commerical Manager Greg Boller would not be drawn on immediate plans in his region for the combined operations, however the Sunsail expansion across the region is improving facilities for cruising sailors as well as bare boat chertering sailors across the region.
Sail-World will be shortly be publishing extracts from last Sunday's PIMEX seminar, in which Sunsail Phuket Marketing Manager Simon James talked about the current Sunsail plans for the Vietnam and Koh Sumui bases in 2006.
by Nancy Knudsen
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7:55 AM Tue 13 Dec 2005 GMT
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