Wilderness Holdings, a regional specialist luxury safari company, announced last week that it has unconditionally and fully acquired the Governors’ Camp Group of Companies, which own and operate camps and lodges in Kenya and Rwanda, in the Eastern part of Africa.
This acquisition adds to the existing extensive foot print of Wilderness within the region, reported to be spread across seven SADC countries. The safari operator, which has for over 30 years been operating in Botswana, is known to offer tourism products within very wild, pristine and remote parks, to which the nature of the acquired camps and lodges also fall within.
In a previous notice the safari company issued earlier in April explaining the rationale for the acquisition, they explained that “The Wilderness Group’s current operations are concentrated in southern Africa, and management is of the view that acquisition of a controlling stake in the Governors’ business represents a compelling opportunity for expansion into East Africa.”
Wilderness also anticipates that entry into the East African market will in the future aid further expansion given the use of well-known local brand and management who are familiar with local markets and conditions.
The safari operator also noted in the announcement that the previously stipulated conditions in the acquisition of Governors’ Camp Group of Companies have been successfully concluded. The transaction was subject to confirmation by the Competition Authority of Kenya. The April notice disclosed that the total purchase price for shares and shareholder loan accounts being acquired is US$6.2 million and this sum will be settled in cash.
Wildernesshas concluded agreements with Monitor International Holdings Limited (“the Vendors”) to acquire 51 percent of the shares and shareholder loan accounts of the Governors’ Camp Group of Companies, and the remaining 49 percent will continue to be held by the Vendors who represent the interests of the founders and previous and present management.