42015590 - Horizons Q2 2022_v06

ISSUE 2 | 2022


KEY DEALS The quarter’s largest disclosed deal was Hornblower Group Inc’s USD 434m acquisition of Experience Australia Group Pty Ltd (trading as Journey Beyond) fromQuadrant Private Equity Pty Ltd. Hornblower, a US-based leader in experiential travel, believes that the acquisition will support its strategy to grow its global footprint and guest offerings. The deal will see Journey Beyond adding 13 tourism brands to Hornblower’s portfolio, including the Ghan, CruiseWhitsundays and Melbourne Skydeck. The second largest transaction was Ampol Ltd’s divestment of Gull New Zealand to special situations PE firmAllegro Funds Pty Ltd for USD 388m. The sale of Gull, Ampol’s New Zealand petroleum distribution business, was timed to meet obligations set by the New Zealand Commerce Commission in approving Ampol’s acquisition of Z Energy Ltd. If successful, Ampol will see its market share in New Zealand fuel sales grow from 8% (Gull) to 40% (Z Energy). The divestment

remains conditional on approval fromNew Zealand’s Overseas Investment Office and Ampol’s successful acquisition of Z Energy. VGI Partners Ltd’s USD 378m acquisition of Regal Funds Management Pty Ltd completes the quarter’s top three deals. The deal will merge the two investment companies to create a fund management platformwith approximately USD 4.2bn funds under management. The transaction will allowVGI to leverage Regal’s expertise and platform in Asia, whilst Regal will benefit from a de facto listing through the arrangement. The deal remains subject to VGI shareholder approval.



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