An Australian private equity firm has bought Queenstown travel company Active Adventures.
It is the first New Zealand investment for a consortium led by Blue Sky Alternative Investments, which bought the company on August 1. The sale price is undisclosed.
Active Adventures, founded in 1996 by former lawyer Andrew Fairfax, guides travellers on outdoor adventures and hiking trips across New Zealand, Australia, South America, Nepal and Europe.
The company has 30 staff in Queenstown and 60 guides world-wide.
In a statement, Active Adventures shareholder Robin Wiseley said it would be ``business as usual'' for staff.
Blue Sky's private equity investment director Nick Miller and Blue Sky investment associate Ben Milton would join the Active Adventures board.
The consortium also included Australian businessman Brett Godfrey, former co-founder and chief executive of Virgin Blue and current deputy chairman of Tourism Australia and Auckland Airport.
The final member of the investment consortium was New Zealand-born and Sydney-based Scott Malcolm, who had more than 20 years' experience in the investment banking industry in Australia and the United States.
He founded independent corporate advisory firm Greenstone Partners in 2003 and is chairman of the CatWalk Spinal Cord Injury Research Trust.
Immediately preceding the sale, the company's three shareholders were Mr Wiseley, Phil Boorman and Michelle Trapski.
Under the new partnership arrangement, Mr Boorman had sold his shares in the company, while Mr Wiseley and Ms Trapski retained a significant shareholding in Active Adventures and would both join the new board.
Mr Wiseley said the new board was a skilled group with impressive credentials.
``This new partnership will own and operate this company into the future, and it's a very exciting future.
``Over the last four years we've enjoyed amazing growth, more than doubling our turnover, adding new destinations to our business and our new brand New Zealand Walking tours, launched in April.''
