SYDNEY, AUSTRALIA: Camplify Holdings has entered into a binding agreement to acquire PaulCamper, operator of Germany’s leading peer to peer RV rental marketplace, and raised A$8.5 million to fund growth initiatives, including expansion of the global insurance business.
The consideration payable by Camplify for the acquisition is A$47.6 million. Consideration consists of a combination of cash and scrips.
This acquisition facilitates a beachhead entry into the European market, positioning Camplify as a rental marketplace operator in 7 countries throughout Australia, New Zealand, Spain, the UK, the Netherlands, Germany and Austria.
It provides Camplify with the opportunity to integrate existing, higher margin in-house insurance products globally, improving insurance position and enabling a clear pathway to seek regulatory approval. There is also the potential for revenue and cost synergies to be realised through product integration and scale of the combined business, accelerating Camplify’s pathway to profitability.
As part of the acquisition, Camplify will acquire the PaulCamper Insurance Broking division. PaulCamper Insurance Broker GmbH (PCIB) allows PaulCamper to operate as an insurance broker to customers in its current European markets.
Camplify intends to extend the current PCIB insurance products and reach to develop a suite of insurance products with a primary focus on existing markets with an intention to expand products and geographies. This is expected to drive take rate, and GP margin improvement. PaulCamper’s average brokerage commission on insurance sales is 23%.
Camplify CEO and Founder Justin Hales commented: “This acquisition delivers Camplify a strategic and targeted growth opportunity in Europe, securing the largest key market, Germany. It provides Camplify with an excellent team of digital marketplace professionals based in Europe, allowing us as a group to optimise and look for expansion opportunities.
I am extremely impressed by the PaulCamper operation, and excited by the ability these transactions provide us to build our business and accelerate our pathway towards cashflow positive position and profitability with significant ability to grow revenue through vertically integrated products”
“We welcome PaulCamper RV owners, travellers and team members to the global Camplify community. As a group we share the vision of creating van life for all.”
PaulCamper CEO & Founder Dirk Fehse commented: “The PaulCamper team, shareholders, and myself are excited about this new opportunity to work alongside Camplify. In 2019 Justin and myself met and discussed our shared vision and desire to create a community of RV owners globally who have the passion to share their RV’s. As a business who has secured key markets in Europe, PaulCamper is pleased to take this next step and be a part of a global public company on the journey with Camplify.”
