Gresham PE exits Tasmanian Walking Company

Founded in 1985, the company has two main tourism assets in Tasmania - the Cradle Mountain Huts Walk and the Bay of Fires Lodge Walk, plus guided walking tours and luxury accommodation.

In a statement, Gresham said that so-called "experiential tourism" was the fastest growing segment of the global tourism market, driven by an increasing consumer demand for greater environmental and cultural experiences.  

Gresham first acquired a stake in TWC for an undisclosed sum in October 2007. The investment was made through Gresham Private Equity Fund 2, which held a final close of A$325 million (then $298 million) in 2004.

The Sydney-based GP recently announced that its joint head Mark Yoens would be stepping down this month with Mark Rimmer continuing as sole head of the team. The change is said to reflect reduced demands on the team due to the fact that, with this most recent exit, Gresham PE's portfolio has been reduced to just two companies.

The remaining companies are Barminco Holdings, a mining contractor that recently refinanced its debt through a $485 million senior note offering and transportation and warehousing company Silk Logistics.

James Graham, COO of Gresham Partners, the investment and advisory firm of which the private equity division is one part, previously stressed that Gresham is returning money to investors, not leaving the private equity business.

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• Topics
• Australasia
• Consumer
• Exits
• Australia
• Consumer
• Exit
• Gresham Private Equity
• Trade sale