Melbourne-based Intrepid Travel is set to boost its annual earnings by A$100 million with the acquisition of the Netherlands’ largest tour operator, Sawadee Reizen.
The adventure tour operator described the purchase from Travelopia as its biggest acquisition yet, estimating that it will add 20,000 customers to its roster.
Speaking to Skift, Intrepid CEO James Thornton said the move gives the Australian-based company greater access to a global market.
“It just gives us greater size and scale, and for the first time, really gives us exposure to non-English speaking markets,” he said.
“Our focus has been on UK, U.S., and Australia as our core source markets. And it’s going to mean that the Netherlands becomes our fourth largest source market.”
Thornton said the deal is more than double the size of its previous largest acquisition, U.S.-based Wildland Trekking in 2022.
Thornton said Intrepid is on the lookout for other native language operators in Europe as it continues its journey towards becoming a $1 billion company by 2030.
“And so I think what you’ll see is we’ll place a lot more focus on distribution in Europe, rather than just the traditional English-speaking market.”
“So now we’ve done the Netherlands, it would make sense that we explore other opportunities to attract customers from France or from Belgium or from Scandinavia. So that will be, I would imagine, our focus going into the future now, and that that’s all part of our plan.”
In 2024, Intrepid Travel grew its annual turnover by 16 per cent to $630 million with a $38 million profit.
“We’re growing organically at about 18 per cent compound annual growth rate, which isn’t too bad for a 35-year-old company,” he said. “So we’re getting decent organic growth north of $100 million every year. We’ve just added $100 million in terms of revenue now from Sawadee over the next two to three years. I’m very hopeful that we can get to the billion dollar mark. And a billion dollars is just important because of the kind of size and scale, and ability to have greater influence.”
Under the deal, Sawadee will continue to be led by managing director Berend Simons, who will report to Intrepid’s Managing Director EMEA, Zina Bencheikh. Sawadee will remain based in Amsterdam and will continue to operate with its existing name and brand, which is well-recognised in the Netherlands.
“Intrepid is a leading global travel business, with exceptionally strong values. We’re excited about the next part of the Sawadee journey and growing together. Our leading position in the Dutch market, coupled with Intrepid’s global expertise, means we will continue to deliver amazing trips for our customers and create impact for the communities we visit,” said Simons.
Feature image: CEO James Thornton
