Products and brands up for sale include SeaLink ferry services around Australia, plus K’gari accommodation and tour businesses.
Kelsian Group Limited has revealed it plans to explore divestment opportunities with a view to selling its Australian tourism portfolio, which features a range of well-known brands.
The company’s tourism portfolio being considered for sale includes Kingfisher Bay Resort, K’gari Beach Resort, K’gari Explorer Tours, Murray Princess, Adelaide Sightseeing and many more.
Also up for sale are some of the company’s SeaLink operations around Australia, which includes Captain Cook Cruises operations in Sydney and Perth, Red Cat Adventure Tours in the Whitsundays and more. The company intends to hold on to SeaLink operations in Kangaroo Island, Southeast Queensland and Townsville.
Together, the portfolio generated over $160 million in revenue, according to Kelsian’s FY24 financial statements.
In an update posted to the ASX this morning, the company says the reason for the sale is to release “significant value for shareholders” which will allow the business to focus on its marine, bus and motorcoach businesses while lowering capital intensity and increasing the stability of its earnings base.
The company said it will only proceed with a sale if the value proposition and terms are attractive and in the best interests of shareholders, with proceeds to be used to pay down debt and invest in strategic growth opportunities.
The divestment comes just days after Kelsian Group installed Graeme Legh as its new Group CEO, with Legh starting in his new role yesterday.
More details in today’s issue of Travel Daily.