Ironbridge Capital, a private equity firm based in Sydney is set to expand a portfolio company, Beyond Backpackers, by merging the latter with base Backpackers, a rival in the hostelling business, the company said in a statement.
Beyond Backpackers offers over 1,200 beds in four complexes in Auckland, Queenstown, Paihia and Rotorua. The merged businesses will operate under the ‘base Backpackers’ brand, which was recently named as one of the world’s top 10 ‘Hip Hostels’ by Lonely Planet, according to the statement.
Combined, the business will manage over 3000 beds, 10 bars and 34 travel outlets.
Ironbridge invested NZ$50 million in Beyond Backpackers in June 2004. Base is partly owned by Ivany Investments, an Australian investment firm.