Intrepid Travel announced investments in two travel companies this morning, as it gets ready for an IPO.
CFO Matt Beard says it has formed a partnership with Australian Pacific Touring with both companies taking an equal share in APT's small experiential touring division, Connections. It has also taken a 48% stake in niche travel specialist Chameleon Worldwide Group, which focuses on tightly defined niches including families, wild life and whale watching. Beard says the transactions are worth less than $10 million.
He says the company will increase merger and acquisition activity in order to build global operating and sales and marketing capabilities.
Beard says the company is still looking for a $20 million investment. "The market has improved over the last six months. This would be an interim investment as we have clear direction and are looking at a two to three year IPO."
He says the ideal investor would be a minority holder "who will come on the IPO journey".
Beard says sales were hit by the GFC. "From October onwards our booking pipeline didn't grow the way we were used to and the Australian dollar lost its gloss, but we have recovered bookings and they are marginally up this time from last year."
He says revenue for the 2008-09 year was $130 million. "We will continue to look around for more acquisitions."
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