Sea Swift’s expansion on horizon

CAIRNS shipping firm Sea Swift is looking to expand after selling to the Queensland Investment Corporation (QIC) for an eye-watering sum.

The State Governmentowned investment fund has entered a contract to acquire 100 per cent of the business in a sale believed to have topped $300 million.

Sea Swift CEO Fred White has agreed to sell his own share in the firm – as has major shareholder, private equity firm Champ Ventures.

QIC is one of Australia’s largest institutional investment managers, with more than $80 billion in assets under its control.

“QIC is one of the largest owners of transportation infrastructure in Australia, and in particular brings extensive experience managing marine transportation assets, including being the equal largest shareholder of the Port of Melbourne and Port of Brisbane,” Mr White said.

“The Sea Swift team is looking forward to leveraging QIC’s experience to continue the growth of the business and the service offering to our customers.”

Mr White said QIC advised it had no current plans for any significant changes to the dayto-day operations of the business.

“QIC has also confirmed its strong support for Sea Swift’s commitment to the training and development of Sea Swift’s workforce, and to supporting regional development and growth in the remote communities Sea Swift serves through the continued provision of high-quality, reliable services,” he continued.

Financial close on the transaction is expected to be reached over the next few months.

The sale is also a feather in the cap for Mulgrave MP Curtis Pitt, who as Treasurer oversaw a re-evaluation of the type of investment QIC could and should be looking into – specifically trying to direct more of its money towards Queensland opportunities.