ASX-listed Tourism Holdings Limited (THL) has signed an agreement to acquire Camperagent RV Centre, an RV sales dealership based in South Australia.
Founded over 20 years ago, Camperagent RV is a family business selling new and used motorhomes, campervans, and caravans and assisting customers with servicing, parts, and storage.
Grant Webster, director and CEO of THL, said the proposed acquisition of Camperagent RV, which is a leading dealership in Adelaide, strengthens THL’s RV sales presence within the state.
“The purchase is a reflection of our stated intent to expand our Build–Rent–Sell RV model and 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. 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,” Webster said.
The acquisition is also expected to create property synergies with THL consolidating its existing Adelaide rental depot and Apollo RV dealership onto the Camperagent site in 2024.
The site, located in North Adelaide, is almost 28,000 sqm and new long-term leases have been agreed as part of the transaction.
Camperagent RV’s purchase price is approximately $4 million in goodwill and $7.9 million in net tangible assets comprised largely of vehicle stock.
The acquisition is expected to meet THL’s 15 per cent return on funds employed target within its first year.
The transaction is slated for completion by the end of January 2024.
