New Zealand-based tourism, campervan rental and sales company Tourism Holdings Limited (THL) is securing NZ$30 million from Chinese-owned CITIC Capital International Tourism Fund (CCITF).
Another NZ$50m is being raised through a rights offer at NZ$3.40 per share.
NZX-listed THL is the largest provider of holiday campervans for rent and sale in Australia, New Zealand and the US. It is focused on establishing itself as a global leader in the recreational vehicle (RV) market.
HB Holdings, a wholly owned subsidiary of CCITF, will pay NZ$4.02 per share in the deal which increases its stake in THL from 11.9% to 16.9%.
THL identified CCITF “as a strong supporting shareholder for its global strategy”.
“CCITF’s participation leading this capital raise supports THL’s global growth, while opening up the potential of the China market which CCITF and THL are working on together,” the company says.
THL has partnered with United States RV manufacturer Thor Industries for global expansion through the 50/50 joint venture, named TH2.
It combines the assets of THL as the world’s largest renter of motorhomes and campervans and Thor as the world’s largest RV manufacturer.
The partnership also includes technology-based assets such as road trip planning software company Roadtrippers; booking, rental and fleet management provider Cosmos; peer-to-peer RV rental service Mighway and top Australia and New Zealand camping app, CamperMate.
