Indie Campers has entered into a conditional agreement to acquire the UK and Ireland business assets of Tourism Holdings Limited (NZSE:THL) for NZD 58.3 million, marking a significant expansion move in the European market.
According to an article by Market Screener, the agreement, announced February 16, 2026, provides for a full cash consideration of NZD 58.3 million to be paid by Indie Campers toward the assets of THL’s UK and Ireland operations.
The total proceeds from the sale are expected to be approximately NZD 58.3 million, consisting of a net asset value of up to roughly NZD 51.7 million, goodwill of approximately NZD 8 million, and costs associated with certain obligations and other transaction-related expenses of approximately NZD 1.4 million.
As of December 31, 2025, the UK and Ireland business assets of Tourism Holdings Limited reported a net asset value of NZD 51.7 million.
The terms of the sale include completion being conditional on the landlords of the depots consenting to the assignment of leases.
THL and Indie Campers will engage with those landlords immediately after signing to obtain their consent, which under the respective lease terms cannot be unreasonably withheld; THL underwriting a 15% vehicle sales margin on the future resale of the fleet sold to Indie Campers over a three-year period, with the total underwrite capped at the goodwill value.
By comparison, THL achieved an average retail vehicle sales margin of 22% in H1 FY26; and a three-year restraint of trade prevented THL from competing with the business in the UK & Ireland markets.
The transaction is expected to generate a one-off gain of up to NZD 6.8 million, representing goodwill net of certain committed costs, including transaction costs. THL intends to apply the total sales proceeds toward debt repayment.
However, due to the timing of the sale within the financial year, the transaction will negatively impact underlying EBIT in H2 FY26 by NZD 1.1 million, reflecting the loss of the UK and Ireland high-season earnings in the fourth quarter period. Completion of the transaction is anticipated in Q4 FY26.
This acquisition signals further consolidation in the global RV rental market and strengthens Indie Campers’ footprint in two of Europe’s most established motorhome travel regions, a development that could reshape competitive dynamics and fleet resale strategies across the RV industry.