A consortium comprising BGH Capital and the Trouchet family has submitted a non-binding offer worth NZ$471 million (A$436 million) to acquire all outstanding shares in global motorhome rental group, Tourism Holdings Limited (THL).
The all-cash proposal, pitched at NZ$2.30 (A$2.13) per share, has been presented to shareholders.
Notably, one member of the bidding group, Luke Trouchet – founder of the Apollo campervan business – currently sits on the THL board as an Executive Director. Trouchet has taken a leave of absence from his executive duties and will not participate in the company’s assessment of the offer.
The proposed acquisition is subject to several conditions, including due diligence, finalisation of financing arrangements, and approval from BGH’s internal investment committees. It also hinges on THL’s board endorsing the offer or recommending a scheme of arrangement to shareholders, following an independent valuation of the company’s shares.
THL has formed a board subcommittee to evaluate the offer and has appointed external legal and financial advisers to assist with the process.
The consortium has indicated it would also consider acquiring a controlling stake in THL without necessarily purchasing all remaining shares.
BGH’s bid follows its recent acquisition of a 19.99% stake in THL through on-market purchases, with shares sourced from major institutional holders including ANZ Bank New Zealand and the Accident Compensation Corporation (ACC). Both entities remain substantial shareholders following the partial divestment.
The offer comes amid challenging trading conditions for THL, whose core motorhome brands – including Apollo, Maui and Britz – have faced headwinds in recent months. THL’s Canadian operations have also reported difficulties, particularly with sourcing parts and exporting vehicles to the United States, following the implementation of 25% tariffs on Canadian-made goods under former US President Donald Trump.
“THL’s board and management are very aware of the company’s recent performance, which has been largely impacted by external factors – from weak consumer sentiment to shifting geopolitical and trade conditions,” THL said in a statement.
“The Board will act in what it considers to be the best interests of the company,” it added.
The move follows BGH Capital’s recent interest in acquiring travel firm Webjet, as reported in May.
