AUCKLAND, NEW ZEALAND: Tourism Holding Limited (thl) has entered into an agreement to sell the Mighway and SHAREaCAMPER businesses to Camplify Holdings Limited for AUD $7.37 million, a bourse filing noted.
Based on the purchase price, the sale represents a profit on sale of the businesses of approximately NZD$6.3 million, subject to closing adjustments.
As part of the transaction, additional commercial agreements will be entered into providing the basis for a strategic relationship 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 RVSC business.
Grant Webster, thl Chief Executive Officer, said “this transaction 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.
We thank all the thl crew that have been involved in creating these businesses in New Zealand and enabling this opportunity.”
Camplify CEO and founder Justin Hales said “we’re excited about the opportunities that will be created by establishing a relationship between our companies. 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 complete on 30 November 2021 and is conditional on approval being obtained for the assignment of Mighway’s customer insurance contract to Camplify.
thl is a global tourism operator.http://www.thlonline.com