NZX-listed Tourism Holdings Limited (THL) has announced it has agreed to purchase the Camperagent RV Centre dealership in Adelaide.
Founded more than 20 years ago, Camperagent RV is a family-owned business selling new and used motorhomes, campervans and caravans and assisting customers with servicing, parts and storage.
The acquisition is expected to create property synergies with THL consolidating its existing Adelaide rental depot and Apollo RV dealership onto the Camperagent site in 2024.
The large site, located in North Adelaide, is almost 28,000 square metres and new long-term leases have been agreed as part of the transaction.
The purchase price is approximately $11.9 million, consisting of approximately $4 million in goodwill and $7.9 million in net tangible assets, with the assets comprising largely of vehicle stock.
“THL’s acquisition of Camperagent will strengthen our RV sales presence in South Australia, with Camperagent being Adelaide’s leading RV dealership with a strong customer reputation,” THL managing director and chief executive Grant Webster says.
“The purchase reflects our intent to expand our Build – Rent – Sell RV model and is expected to provide ancillary scale benefits across the rest of the Australian RV business through faster rental fleet replenishment, younger fleet age and greater manufacturing volumes.
It expands our presence as a company in the Australian market and provides us with greater sales strength in a region that we have been historically underrepresented in,” Webster says.
The acquisition is expected to meet THL’s 15% return on funds employed target within its first year. The transaction is expected to be completed around the end of January 2024.
