Intrepid Travel and TUI Travel PLC are pleased to announce an agreement to enter into a strategic venture which will create an independently managed global leader in adventure travel.
The proposal will combine Intrepid Travel with TUI Travel's international portfolio of adventure brands to create PEAK Adventure Group.
PEAK Adventures will be run by an experienced management team with a solid background in the adventure travel sector. Darrell Wade, the co-founder and CEO of Melbourne-based Intrepid Travel, will become CEO of the new venture and the Board will be chaired by John Wimbleton, Managing Director of TUI Travel PLC’s Specialist & Activity Sector.
The remaining PEAK Adventures Board members will be newly appointed MD Geoff Manchester and Matt Beard from Intrepid Travel, Darren Mee and Jackie Watson from TUI Travel and Bob Welsh, former CEO of VicSuper Pty Ltd who joins as an Independent Director. The Executive Team reporting into the CEO will be made up of six senior figures across both companies and the MDs of the individual businesses.
The new group will consist of over 20 businesses with combined revenue of circa £230 million / AUD $400 million. Together, they will take 340,000 passengers to all seven continents.
Brands included in the venture are Adventure Center, The Adventure Company, Adventure Tours Australia, Country Walkers, Exodus, Gecko's, Guerba, Headwater, Imaginative Traveller, Intrepid Suntrek, Intrepid Travel, Oz Experience, Peregrine, Pinnacle Tours, Sawadee, TrekAmerica and WesternXposure.
The businesses forming PEAK Adventures will operate a multi-channel and multi-brand strategy which will provide new opportunities for growth including new products, markets and destinations.
The proposed strategic venture will have no impact on the existing trade and business relationships of any of the brands within PEAK Adventures.
Commenting on the announcement, Darrell Wade, CEO PEAK Adventures, said: "With the adventure travel market set to grow significantly in the coming years, this new venture will firmly position PEAK Adventures as the sector’s global leader.
“In addition to providing a one-stop shop for adventure experiences, the creation of an independently managed company offers enormous potential to introduce new products for agents to sell while cost synergies across the business will potentially deliver greater value holidays to a fast-growing sector."
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