Campervan rental group Tourism Holdings received a rival buyout proposal from a Portuguese company, initiating a competitive bidding process against private equity group BGH Capital.
Tourism Holdings operates a fleet of 8,000 rental vehicles under brands including Britz, Maui, Apollo, and Hippie.
The business is dual-listed on the New Zealand and Australian stock exchanges, according to an article by Financial Review.
The company described the new bidder as a credible strategic buyer. An industry source identified the unnamed bidder as Indie Campers, a Portugal-based operator managing a global fleet of 10,000 rental vehicles.
Indie Campers previously purchased two European businesses, Just Go and Bunk, from Tourism Holdings for $43 million in February.
The unsolicited proposal valued the business between NZ$3.30 and NZ$3.40 per share. At the upper limit, the offer valued the company at $616 million.
This proposal exceeded a May 29 bid from the BGH Capital consortium of NZ$3.10 per share.
The BGH consortium currently holds a 19.9% stake in the company and includes Apollo campervan founders Luke and Karl Trouchet.
Tourism Holdings agreed to provide the new bidder with due diligence access under a confidentiality agreement.
The board stated it remained in negotiations to finalize a similar confidentiality agreement with the BGH consortium.
The bidding competition followed a recent downgrade of the company’s full-year profit forecast.
Management attributed the financial adjustment to high fuel prices negatively impacting travel demand among tourists and retirees.
Tourism Holdings formed in 2022 following a merger between the New Zealand-listed company and Australian-listed Apollo Tourism & Leisure.
For the RV rental and outdoor hospitality industries, this high-value acquisition battle underscores the increasing consolidation of global campervan fleets.