Tourism Holdings Limited (THL), a leading name in the campervan and recreational vehicle sector, has received a non-binding and unsolicited acquisition offer from across the Tasman, valuing the company at more than half a billion dollars.
According to an article by RNZ, the proposal comes from a consortium comprising Australian private equity firm BGH Capital, THL executive director Luke Trouchet, and his brother Karl Trouchet.
The Trouchet brothers previously played a central role in Apollo Tourism & Leisure, an Australian campervan company that merged with THL in 2022.
Their re-emergence in this proposed deal suggests a continued strategic interest in shaping the future of trans-Tasman campervan tourism through consolidated leadership.
The offer amounts to $2.30 per share for all outstanding shares, placing THL’s total valuation at $508.5 million.
According to the company, “The offer on the table was either by way of a scheme of arrangement or via the Takeovers Code.” The consortium also expressed flexibility in its proposal, noting it was open to taking a controlling interest rather than pursuing full ownership.
THL’s share price had closed at $1.46 last Friday and had declined by 53 cents so far this year.
The company acknowledged BGH Capital had already acquired just under 20 percent of THL’s issued shares, reinforcing the seriousness of the consortium’s intentions.
The offer arrives at a time when THL is navigating significant headwinds. Earlier this year, it announced a half-year result showing its after-tax profit had dropped 36 percent to $25.3 million.
In light of this performance, THL commented, “[The performance] has been largely influenced by factors beyond the company’s control, such as the impact of poor consumer confidence on the demand for recreational vehicles, and recent geopolitical and tariff developments impacting travel sentiment.”
Given Luke Trouchet’s participation in the consortium, the company confirmed, “Luke Trouchet… had taken a leave of absence from his executive role with THL.”
This step appears intended to ensure transparency and fairness as the board evaluates the proposal.
THL clarified that the offer is still conditional, stating it is “subject to certain conditions, including due diligence, finalisation of debt arrangements, and BGH receiving final approval from its in-house review committee.”
Despite the significant proposal, THL advised shareholders to remain patient. “THL said shareholders did not need to take any action in relation to the offer, and the board would update the market about developments.”
The company emphasized its commitment to responsible governance, stating, “The board will act in what it considers to be the best interests of the company and its shareholders.”
This development holds considerable significance for the recreational vehicle industry. It not only underscores the ongoing financial pressures on RV travel providers in the face of global instability but also signals increased interest from private equity in repositioning the sector for recovery and growth.