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Kimberley Quest is an award-winning adventure-tourism luxury cruise company based out of Broome, Western Australia.
The Kimberley Quest II is a 25 metre vessel that has been designed for relaxing and exploring the Kimberley coastline, its custom design allows for visiting areas that many other Kimberley cruises simply cannot reach.
Following a strong recovery in tourism and a continued appreciation of the unique Australian Kimberley coastline the business was well positioned for continued success.
Tourism, Outdoor Adventure
The owners of the business approached Nash Advisory in early 2023 wanting to pursue business’ in other industries having worked in tourism their whole professional lives.
Numerous individuals and commercial parties had approached the business over their ownership period yet had insufficient intent.
Nash were engaged in May 2023 with the goal of gaging the market for interest, and if there was, to move as quickly as possible through to completion.
It was important to run a commercial sale process to show that the sellers were committed to the process. When a deal is certain, Interested Parties clearly show their intent in the way in which they behave, eliminating parties not serious about acquiring the business.
As the owners were looking to exit the business in the short-term, it was clear that the Buyer would need to have experience in the marine industry to allow for a short changeover period. The strength of the supporting management team was highlighted, particularly the key operational staff.
There had been substantial improvements made to the Kimberley Quest vessels and supporting infrastructure including the office & yard. It was important to detail the amount of these improvements, including detailing where these amounts had been spent in the accounts (capital or revenue account).
A summary of the business’ existing business authorisations & licences was prepared to understand the process for each item when transferring the business. As the goal of the owners was for a timely transaction, it was important to know whether key authorisations & licences could either be transferred or whether a new application would need to be made and their associated timings.
Nash Advisory was engaged to undertake a sale process for Kimberley Quest.
Information requested from client, with a specific focus on identifying what the maintainable earnings would be for the forecast periods through financial modelling.
A select number of key potential investors were approached regarding the investment opportunity, with multiple parties expressing interest in the asset.
Non-Binding Indicative Offers received from Interested Parties. One party was selected to proceed to due diligence.
Due diligence finalised by Exclusive Party, which included diligence on financials, forward bookings, commercial & operational including site visits and asset inspections.
Business Sale Agreement drafted by the Seller’s legal advisor and reviewed by Nash Advisory to ensure the documentation reflected the agreed commercial position.
Applicable licences and permits were transferred from the Seller to the Buyer, including considerations relating to state environmental agencies and indigenous corporations specifically relating to aboriginal heritage protected areas.
Transaction finalised.
When it comes to selling your business, Nash Advisory offers a highly detailed and extremely thorough process that produces the best possible results.
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