Jucy buys into Cruising Milford

Vehicle rental company Jucy Group has bought half of tourism business Cruising Milford Sound and is planning to make an initial public offering.

Chief executive Tim Alpe said Jucy Group continued to look for businesses and opportunities that fitted the company's tourism business model.

"Diversifying into Cruising Milford Sound fits with our strategy to build the business with a view to an IPO within the following 18 months," Alpe said.

"Cruising Milford Sound is a logical addition to our business, with the majority of the growth expected to come from the [free independent travellers] market."

The purchase was a great addition to the company, he said.