Tourism Holdings Limited (THL) has formally rejected a $471 million buyout proposal from private equity group BGH Capital, deeming the offer opportunistic and inadequate. THL, dual-listed on the New Zealand and Australian stock exchanges, operates a fleet of 7800 rental campervans under brands including Britz, Maui and Apollo. The company provides campervan and motorhome rentals, sales, and manufacturing across Australia, New Zealand, and North America.
THL chairwoman Cathy Quinn stated that the board believes the $NZ2.30 ($2.13) per share offer, initially revealed on June 16, fails to reflect the company’s intrinsic value. Quinn emphasised that THL’s share price before the BGH proposal reflected a low point in the trading cycle, contributing to an undervalued offer.
The buyout bid is backed by Luke and Karl Trouchet, brothers from the Queensland family that founded the Apollo campervan business in the 1980s. BGH Capital currently controls 19.99 per cent of THL, a stake that includes the Trouchet brothers’ 11.8 per cent holding. THL acquired Apollo following a merger in 2022.
In a separate announcement, THL indicated it is likely to report a statutory loss for the 2024-25 financial year. This projected loss is attributed to a potential impairment of US goodwill of $NZ36 million, write-offs in the UK, and other one-off expenses.
