Tourism Holdings Limited (THL) has sold its peer-to-peer motorhome rental services Mighway and SHAREaCAMPER to Australian-listed firm Camplify for A$7.37 million (NZ$7.7m).
Based on the purchase price, THL says the sale of the businesses represents a profit or around NZ$6.3m.
As part of the transaction, additional commercial agreements will be made between the two companies.
THL will provide managed services to Camplify RV owners and the two companies will work together on opportunities to grow both Camplify and THL’s RV Super Centre (RVSC) business.
THL chief executive Grant Webster says the deal “ensures that THL maintains a presence in the peer-to-peer sector in New Zealand, and benefits from the scale that Camplify has achieved in Australia”.
“We will be able to continue to leverage the benefits of the RV owner network for the THL RVSC sales, service and retail businesses, while minimising the financial risks to THL.
“As a shareholder of Camplify we look forward to benefiting from the opportunities Camplify creates, which are different to the commercial owned-fleet model that THL operates globally, and delivering on the growth opportunities that exist for our RVSC business.”
Camplify chief executive and founder Justin Hales says his team is “excited about the opportunities that will be created” by the deal.
“This acquisition delivers Camplify a strategic and targeted growth opportunity in two of our key markets that complements our growth and enables the benefit of THL joining our share register.”
The sale is expected to be completed on November 30 and is conditional on approval being obtained for the assignment of Mighway’s customer insurance contract to Camplify.
