Helloworld to purchase Express Travel Group for $70m
Helloworld Travel Limited today announced it agreed to acquire 100 per cent of Express Travel Group (ETG) in Australia and New Zealand from current owners Tom Manwaring and Sintack Pty Ltd for $70 million.
Founded as Orient Express Travel Group in 1983, Tom Manwaring joined in 2000 after 29 years with Cathay Pacific and took full ownership of the business in 2003. In 2014 the word “Orient” was dropped from the name.
Today ETG operates an air ticket consolidation business, retail travel networks and cruise and package wholesaling in Australia and New Zealand with a national support network and offices in Melbourne, Sydney and Auckland.
The company employs over 100 personnel and encompasses a suite of brands, including Express Tickets, Independent Travel Group, Select Travel Group, Alatus, italk travel & cruise, Creative Cruising AU/NZ, and First Travel Group, YOU Travel, and Lifestyle Holidays in New Zealand.
Consideration for the acquisition will be a mixture of shares and cash with the cash component to be fully funded from HLO’s existing cash reserves.
Given the related party nature of the transaction (Sintack Pty Ltd, which owns 50 per cent of ETG and has a 13.31 per cent shareholding in HLO) the acquisition will require shareholder approval and notice of an Extraordinary General Meeting, to be held on Friday July 21 July, will be sent to HLO shareholders.
HLO will be acquiring 100 per cent of the business from the vendors and Tom Manwaring will remain as CEO and a director of ETG.
The acquisition will be earnings accretive in FY24 and beyond. The consideration represents an FY23 EBITDA multiple of approximately seven times forecast normalised earnings for ETG in FY23 of $10.0m – $11.0m.
“We are delighted to announce our forthcoming acquisition of ETG,” Andrew Burnes AO, CEO and managing director of Helloworld Travel Limited said.
“They have been one of the most successful travel operations in Australia and New Zealand in the ticketing, retail network and distribution sectors and we look forward to the continued growth of the business under Tom’s leadership and vision.”
Subject to shareholder approval, the transaction is expected to settle early August, 2023.
Latest News
DayAway names Aussie partners for luxury community based membership
After successfully launching the unique luxury travel platform DayAway in Singapore in 2021, Martha Waslen, founder and CEO, has now expanded the membership to Australia. In recent months, DayAway has launched as an exclusive membership platform in Singapore including founding members of DayAway such as prestigious Raffles Singapore and The Capitol Kempinski Hotel Singapore. DayAway […]
Silversea expands Nova Class with Silver Ray
Silversea has taken delivery of Silver Ray, the second ship in its innovative Nova Class. Boarding Silver Ray in Eemshaven on May 14 was Jason Liberty, Royal Caribbean group’s president and CEO, celebrated the ship’s official handover with Bert Hernandez, president of Silversea; Bernard Meyer, chairman of the Meyer Group, and Bernd Eikens, the Meyer […]
Tourism Tasmania CEO says a trip to Tassie could cure your Aurora Australis FOMO
Outdoor enthusiasts and photographers from around the world this week were treated to stunning light shows as both Aurora Borealis and Aurora Australis lit the skies triggered by a major geomagnetic storm. People around the world were blown away by the most spectacular light shows many have ever seen with Aurora Borealis viewable from places […]
Flight searches to Ho Chi Minh City skyrocket by 246% as city strengthens ties to Oz
Delegates from the Australian and Vietnamese tourism community gathered in Parramatta yesterday for the Ho Chi Minh city tourism roadshow, hosted by Ho Chi Minh city tourism and the consulate general of Vietnam to New South Wales. The vibrant gala dinner showcased some of Vietnam’s top tourism attractions including traditional music performances, a live fashion […]
On Location: Rejoice! It’s Your Daily Wrap Of Africa’s Travel Indaba
South Africa this year commemorates 30 years of freedom and democracy. It is fitting then that Africa’s Travel Indaba (ATI) takes place this week in Durban at a venue named after one of South Africa’s foremost proponents of freedom, Albert Luthuli. Patricia de Lille, Minister of Tourism, South Africa said ATI represented a celebration of […]
Lack of budget spend will hit international visitor recovery, says Australian Tourism Industry Council
The Australian Tourism Industry Council has expressed disappointment in the 2024 Federal Budget that rejected a submission advocating for a major funding increase for Tourism Australia to recover international tourism. “The Federal Budget 2024 has not invested in our international tourism recovery,” ATIC said in a response to Federal Treasurer Jim Chalmers decisions. ATIC members, which […]
On Location: Expedia CEO assures AI will not replace human roles, announces AI text assistant
Travel giant Expedia has wasted no time unveiling several new features and products at its EXPLORE conference in Las Vegas, including the world’s first AI chatbot Romie. As to be expected, AI has been one of the key topics of discussion. Expedia CEO Ariane Gorin put fears to bed around its power and ability to […]
VietJet walks away from Bonza investment, Administrators look to maximise chance of survival
The administrator overseeing Bonza’s collapse has released an update on the carrier’s status as they strive to maximise options for the business and VietJet leaves investment discussions at the table. Administrators say they will continue to maximise the chances of survival for Bonza or, “as much as possible of its business continuing in existence; or […]
Top four airports report return to profit after post-Covid period comes to an end
The aeronautical operations of Brisbane, Melbourne, Perth and Sydney airports returned to profit in 2022-23, the first full financial year since the end of COVID-19 travel restrictions, the ACCC’s latest Airport Monitoring Report shows. In contrast, all four monitored airports reported losses on their aeronautical operations in 2021-22. A return to profit was helped by […]
COMO launches new family-sized farmhouse in the heart of Tuscany
COMO Hotels and Resorts has launched its new farmhouse apartments in the heart of Tuscany, just in time for Australians to escape our wet winter. And it’s also an ideal time for Aussies of Italian ancestry to explore their home country as 2024 has been declared the year of Roots and Heritage Tourism by the […]
Green light, green fuel for Townsville Airport as passenger numbers set to double to 3.7m
The Townsville Airport Master Plan, including the expansion of the airport terminal and development of the surrounding precinct, has been given the green light by the Federal Government. The 2023 plan outlined Townsville Airport’s strategic vision and growth objectives over the next two decades, with a detailed focus on the initial eight years. Townsville Airport […]
New Caledonia in lockdown and airport closed after violent riots rock Noumea
New Caledonia officials have announced a 6pm-6am curfew, a liquor ban and have closed the country’s main airport after overnight riots in which vehicles were torched and roads blocked in the wake of proposed constitutional reforms. Australian Government website Smartraveller has issued an alert informing visitors to exercise a high degree of caution in metropolitan […]
‘Appalling’: Alliance for Gambling Reform CEO describes gaming rules at sea after P&O death
Gambling reform policy makers are shocked at the news surrounding the passing of a guest onboard last week.
Sydney gets excited for Vivid at the city’s favourite entertainment venues
Get lit! Well maybe not the kiddies, but there is a heap of bright and colourful events on at Vivid Sydney 2024.
Novotel Cabramatta launch reveals the start of new hotel and F&B partnership
Brothers will offer hotels bang for their buck in Sydney's booming southwest.
Roots & Heritage Tourism in 2024 with Italian Tourist Board’s Emanuele Attanasio: Travel Weekly TV
Don't blame us if you're yearning for a carb-filled pasta lunch after watching this week's episode!
Aeronology accepted into Virtuoso network as travel-tech company continues to thrive
Aeronology's the new kid on the block making big waves and lucky for you, we're here to get you up to speed.
Qantas suspends flights to Shanghai due to low demand
Low demand prompts Qantas to drop its Sydney-Shanghai flights like a hot dumpling.
From Castle Hill to Paris, local wellness cosmetics brand makes good in world’s best hotels
The harsh glare of our monitors on the news desk have been relieved somewhat by this local brand done good...
Ponant’s $2500 flight credit reward for polar expeditions booked by ANZ travellers
Tap into your inner explorer an save a couple of $K on flights? The trade-off will be frozen fingers.
Portugal, Spain or Morocco? Here’s how to spend a European summer in 2024
Hit a festival in Spain, enjoy a Portuguese tart or take in the raw beauty of North Africa. This feature has it all!
Vietjet’s summer lucky draw event, plus business flights slashed in half
It's not even winter yet and Vietjet's already talking about summer. We certainly aren't judging them!
ERDI offers a path for hospitality leaders of the future, says hotel group CEO
Teaching the next gen in hospo how to serve drinks, take a restaurant order and hold a conversation - yep we're in!
Marketing costs double for tourism operators as Australia’s global footprint shrinks
Cost of living crisis? Forgeddaboutit! If you run a tourism business, your costs have doubled since Covid.
APT adds fourth ship to Travelmarvel fleet in Europe to meet demand
APT punches above its weight in European river cruising - let's see what its got when it comes to naming conventions.
Getting married? W Melbourne has three new packages perfect for the special day
The 'W' themed lights and settings are optional, we hope!
SKYE Suites gets behind Australian Fashion Week, partners with Shark Beauty
We were hoping to get a start at a fashion week event, but apparently our dress sense wasn't up to scratch...
Roadshow Vietnam focus on Ho Chi Minh City heads to Sydney and Melbourne
It's all happening tomorrow in Parramatta and we're sure you'll be able to find a good bahn mi somewhere.
NCL announces two new Aussie BDMs as cruising goes from strength to strength
Cruising may be getting stronger, but we want to know which new BDM is the strongest. We should arrange an arm wrestle.
Inspiring Vacations announces Josh Grocke to new partnerships role
We're sure the best partnerships come about over a long lunch, something Josh will certainly be looking forward to.
Dondra Ritzenthaler announced as Azamara’s new CEO
Dondra's got big news to celebrate, meanwhile we're celebrating a break in the rain today in Sydney.
TTC’s hosting a masterclass series for Aussie agents unlocking the secrets of its five brands
Become an agent of many hats with TTC's new masterclass series!
Dorsett Melbourne appoints new director of sales Maggie Wong
This top female team at the Dorsett Melbourne aims to take the hotel to new heights - even the lucky eighth floor.
Western Sydney Tourism unveils fresh board ahead of ’26 airport opening
'Connect-Stay-Experience', that's the Western Sydney's tourism taskforce's motto. We sort of prefer 'West Is Best'!
From Olympians to mindset coaches, Helloworld’s OMC conference wraps in style
Say hello to a good time and make sure you're at 2025's edition!
Bunnik Tours welcomes KJ Phillips as the new BDM for QLD
We apologise in advance for winding Karen up as our State of Origin sledging begins to ramp up.