Southern Discoveries Ltd, a tourism operator owned by Dunedin's Skeggs family, has acquired a 50% stake in Queenstown's Kawarau Jet.
Skeggs Group managing director David Skeggs said the partnership with Kawarau Jet was "in line with a big-picture programme of investment, development and growth".
"There's no doubt that times are tough at the moment, but there's still a lot of synergies between Queenstown and Milford and lots of opportunities to continue to grow the tourism market long term," Mr Skeggs said.
He would not reveal what Te Anau-based Southern Discoveries paid for the stake, citing commercial sensitivity.
Southern Discoveries general manager John Robson said the company had bought out the 50% shareholding of Kawarau Jet directors Andrew Brinsley and John Martin.
The deal took effect on Friday; the remaining 50% shareholding would continue to be held by Kawarau Jet director Shaun Kelly.
Mr Kelly, who has been a director of Kawarau Jet for 24 years, said there was "great potential and scope for the company and its staff" in the deal.
"There are very good synergies between the two businesses, so we very much see this as a mutually beneficial partnership," he said.
Kawarau Jet operates eight jet-boats, employs 15 staff and offers jet-boat rides on Queenstown's Kawarau and Shotover rivers.
