Souter keen to buy another ferry firm

Stagecoach founder and Scottish businessman Brian Souter looks keen to add another ferry business to his New Zealand portfolio.

Souter's investment company Souter Holdings has applied to the Commerce Commission to acquire Auckland business Kiwi Kat.

Kiwi Kat operates 360 Discovery, which runs harbour cruises for tourists as well as holding the Department of Conservation licence for the ferry service to Tiritiri Matangi Island.

It also runs a corporate charter service and a ferry service to the Coromandel which was saved from being shelved recently after residents protested at its closure.

Kiwi Kat is at present owned by private equity firm Pencarrow. A Pencarrow spokesman said he could not comment on the deal because of confidentiality.

Souter's right-hand man in New Zealand, Bill Rae, did not return calls.

But according to Companies Office records, a company called 360 Discovery was set up at the end of May with the shareholder listed at Souter Holdings Fullers.

A Commerce Commission staff member confirmed an application had been made but would not release details until it was made public - expected to be today.