Skydive the Beach buys Nzone, the Skydiving Company from Queenstown for $17 Million

Skydive the Beach buys Nzone, the Skydiving Company from Queenstown for $17 MillionNzone, the Queenstown skydiving company has been acquired by Skydive the Beach, an Australian firm for $17 million.

On Monday, the announcement was made by Skydive the Beach on the Australian Stock Exchange. The deal is expected to be completed by October 30.

Nzone was founded by Lindsay and Robyn Williams in 1990. Skydive the Beach was founded by chief executive Anthony Boucaut in 1999.

The statement which was released by Skydive the Beach said Skydive Queenstown is one of the top skydiving companies in New Zealand and has a thirty three percent share in the market.

There are more than seventy employees of the company who will be retained. It also said that it has conducted more than 250,000 tandem jumps through its operation over twenty five years. The company has conducted 23,055 tandem jumps in the last fiscal year which generated $11.4 million in revenue.

Last year Nzone placed a bid to increase its resource content with seventy five flights a day but that was refused by the Environment Court due to concerns of noise pollution and allowed only thirty five flights a day.

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