It’s a feeling like few others. You’re up the pointy end of the Flying Kangaroo, you’ve just finished watching The Notebook and the third glass of pinot has you ready for some sweet dreams.
It’s time to put on those famous Qantas pyjamas and drift away.
Now Street Talk can reveal the maker of the PJs, Buzz Products, is hunting for a strategic partner to underpin its growth strategy.
It is understood Buzz, which designs and provides the high-end amenity kits available on airlines, has retained Melbourne boutique Intrinsic Partners, run by former UBS banker Quentin Miller, to advise on its options.
This column understands mid-tier private equity firm Archer Capital is among parties in due diligence on the business, which makes just north of $25 million earnings before interest, tax, depreciation and amortisation and may be worth as much as $200 million.
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Archer is taking its counsel from PwC Australia, sources said.
Through partnerships with brands like Escada, Mandarina Duck and TUMI, Buzz helps its clients design kits which they hope premium passengers will want to use and, more importantly, take home.
The company works with several carriers including Emirates, American Airlines and Qantas and has a chunky contract with Delta Air Lines.
It’s been responsible for Qatar Airways’ Sponge Bob Square Pants collection, Saudi Arabian Airlines’ Micky, Minnie and Cars franchise kits, and helped Air New Zealand develop its own Let’s Go Jet Cadets line of children’s in-flight amenities.
Intrinsic is believed to have outlined an informal timetable to interested parties, with the process said to have gotten under way late last year.
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