Project Description


Non-core subsidiary of UK-listed multinational company

Iconic Australian business with a long heritage and strong brand recognition

Transport focused business that faced disruption from low-cost airlines

Heavily dependent on federal government funding, threatening the business model

Management team was under-resourced and required a CFO and COO


Transformed business from a transport provider to a customer focused, experiential tourism business

Broadened product offering through introduction of the 4 day Ghan Expedition

Supported management’s refocus on Net Promoter Score (“NPS”)

Repositioned product through introduction of ‘all-inclusive’ concept and off-train experiences

Significant capital investment in luxury offering along with systems and processes to improve yield management

Operationally improved the organization to increase profitability


World leading NPS scores – +90

+80% of customers traveling in high-value tourism products in 2017 (compared to 40% in 2012)

Significant earnings improvement

Sold to Quadrant Private Equity as the platform asset in Experience Australia (of which Allegro is still invested)

Strong returns to the Fund and the MBO team