The Southern Hemisphere’s largest tandem skydive operation has agreed to buy Queenstown’s skydiving company.
Australian-based Skydive The Beach Group made the announcement to the Australian stock exchange today.
It will pay $17 million.
The vendor, Skydive Queenstown Limited Group, trades as NZONE Skydive in Queenstown and Skydive Paradise in Glenorchy.
Skydive The Beach Group operates 16 drop zones in four Australian states, and forecasts it will conduct more than 112,000 skydives in the current financial year.
Skydive Queenstown Limited Group, a former supreme winner of the New Zealand Tourism Awards, is owned by Robynne and Lindsay Williams, who set the company up in 1990.
It’s New Zealand’s largest tandem skydiving company, and has conducted more than 250,000 tandem jumps during its 25 years of operation.
Eight-eight per cent of its business is conducted under the NZONE brand and 12 per cent under the Skydive Paradise brand.
The company employs more than 70 staff and operates several aircraft including two Cessna Grand Caravans.
The transaction is expected to be completed by October 30.
NZONE was in the news last month after a left an employee seriously injured.