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High-end luxury yacht chartering and sales company Ahoy Club, founded by waste management entrepreneur Ian Malouf and his daughter Ellie, has acquired yacht booking services business Floatspace for an undisclosed sum.
Sydney-headquartered Floatspace targets a more accessible end of the market than Ahoy Club with fully automated bookings for entry-level party boats in NSW, Queensland, Victoria, Western Australia, Auckland and Florida.
Ahoy Club was launched in 2018 following the sale of Dial a Dump to Bingo Industries for $578 million that had made Malouf Australia’s “richest garbo” due to his majority stake in the company.
Registered in London, the group also has offices in Monaco, France's Cote D'Azur, Fort Lauderdale in Florida, and Sydney, and a charter portfolio of more than 3,000 yachts. Malouf's original plan was to "revolutionise" the global market, but those ambitions were put on hold due to COVID-19 with a pivot to the Australia Day charter market.
Having gained market share and driving revenue during a time where luxury overseas travel had hit choppy waves, the group has rebounded since the end of the pandemic with strong growth internationally. In mid-2023 the group acquired a majority stake in broker and distributor Ray White Marine.
With wind in its sails, Ahoy has acquired Floatspace as a strategic move to provide instant and seamless booking experiences on a global scale, with the platform allowing users to select their desired yacht, date, time, and any additional requirements, and then be directed to the payment screen for confirmation immediately.
"Clients today are empowered with extensive knowledge, conducting their own thorough research," says Ellie Malouf, Ahoy Club's CEO.
"For charters, they often know what they want, when they want it, and seek the convenience of booking that instantly.
"Clients now expect similar experiences in the yachting industry as they do with other premium services."
Founded by its CEO Hugh Treseder, who will remain in the role, Floatspace has advanced technology that automatically updates a yacht's calendar and generates charter contracts for all parties involved.
The tech company, launched in early 2020, has attracted investment from the likes of Airtasker (ASX: ART) founder Tim Fung, Amaysim co-founder Rolf Hansen, Siteminder founder Mike Ford, and Business Catalyst founder Bardia Housman.
"The two businesses complement one another very well. Although having come at the market from opposite ends, both delivered excellent traction and growth, meaning combining the two would result in a force to be reckoned with," says Treseder.
"Floatspace's technology has been built by the industry's best, namely ex TripAdvisor staff Jeff Lewis and Jason Smith and can therefore expedite the Ahoy Club plans for scale.
"We've gone to a fabulous new home and having had some healthy rivalry over the years, can now turbocharge things. I'm proud, this was no easy journey."
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