WELLINGTON: Helloworld Travel Limited (ASX: HLO) announced Thursday it has agreed to acquire 100% of Wellington-based Barlow Travel Group (BTG), a corporate travel business that employs 30 staff, primarily at its Wellington headquarters.
Founded in 2011 by Peter Barlow, Barlow Travel Group operates as BCD Travel in New Zealand under license from Netherlands-based BCD Travel, one of the largest corporate travel organizations globally, with over $22 billion in sales reported in 2024. The acquisition will be funded entirely through Helloworld’s cash reserves.
As part of the agreement, Helloworld will purchase the business from its shareholders, including Peter Barlow and Ross Jamieson, who will both remain in leadership roles as executive directors. They will collaborate with Chris Hunter, Executive General Manager of Helloworld New Zealand, to ensure a seamless transition.
This deal follows a long-term partnership established in 2018 between Helloworld and Barlow Travel, which included put and call options. The acquisition is expected to positively impact Helloworld’s earnings from FY25 onwards, with the consideration reflecting an FY23 EBITDA multiple of approximately six times.
Andrew Burnes AO, Helloworld Travel CEO and Managing Director, expressed enthusiasm for the acquisition. “Barlow Travel Group is an iconic name in New Zealand’s corporate travel landscape. Peter Barlow and Ross Jamieson bring exceptional expertise, and we are thrilled to deepen our collaboration through this investment,” Burnes said.
Peter Barlow shared his excitement, stating, “After seven years of partnership with HLO, this acquisition marks a significant milestone in our journey. We are excited to take this next step and officially join the Helloworld family.”
This acquisition further strengthens Helloworld’s presence in New Zealand’s corporate and event travel sectors, enhancing its position as a leading player in the industry.