Champ Ventures has sold Sea Swift to Queensland Investment Corporation for about $300 million.
Champ Ventures and other owners of the business that include Toll Holdings were advised by Macquarie Capital while QIC was advised by Gresham.
The deal was reached on Tuesday night.
The company’s annual earnings before interest, tax, depreciation and amortisation are $30m.
Infrastructure funds were expected to line up for the business when it was placed up for sale early this year.
Sea Swift offers cruise, “mothershipping”, project and charter and general cargo services around Queensland and the Northern Territory.
Champ Ventures bought the business in 2012 from founder Sid Faithfull. It now has 30 vessels and 400 employees.
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