File pic Photo: Unsplash / Lawton Cook
Campervan firm Tourism Holdings (THL) has made a deal to buy Adelaide-based RV sales dealership Camperagent RV Centre for A$11.9 million (NZ$12.8m).
Family-owed Camperagent RV was founded more than 20 years, selling new and used motorhomes, campervans and caravans, as well as servicing, parts and storage.
THL chief executive Grant Webster said the purchase was part of the company's growth strategy.
"The purchase is . . . expected to provide ancillary scale benefits across the rest of the Australian RV business through faster rental fleet replenishment, a younger fleet age and greater manufacturing volumes," Webster said.
"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."
THL planned to consolidate its existing Adelaide rental depot and Apollo RV dealership with the Camperagent's North Adelaide site, which was nearly 28,000 square metres. New long-term leases were part of the transaction.
The purchase price included about A$4m in goodwill and A$7.9m in net tangible assets, consisting mostly of vehicles.
The acquisition was expected to meet THL's 15 percent return on funds employed target within its first year, which was due to be completed by the end of January.
