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Fortitude Investment Partners is pedalling towards the finish line for its New Zealand-based tourism and adventure company Active Adventures after inking another bolt-on acquisition.

Active Adventures, which Fortitude (once part of Blue Sky Alternative Investments) acquired in 2017, has snapped up US family-owned bicycle tour company Discovery Bicycle Tours for about $3 million.

It is Active Adventures’ second bolt-on acquisition, adding travel and family vacation business Austin Adventures to its stable in 2021. While the company lost three years to the COVID-19 pandemic, Street Talk understands it’s continuing to look for other acquisitions ahead of an ultimate exit for Fortitude.

Fortitude has been active on the deals scene this year, selling a portion of its stake in condiments business Birch & Waite to Quadrant Private Equity in May.

Read the full story tomorrow and more on the Street Talk page.

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Click here for the latest equity market wrap.