ZB

Austraslia's Camplify applies for clearance to buy THL businesses

Author
NZ Herald,
Publish Date
Wed, 12 Jan 2022, 4:22pm

Austraslia's Camplify applies for clearance to buy THL businesses

Author
NZ Herald,
Publish Date
Wed, 12 Jan 2022, 4:22pm

ASX-listed recreational vehicle company Camplify has applied to acquire the New Zealand assets and business of Tourism Holdings' (THL) peer-to-peer motorhome and campervan rental platforms, Mighway and SHAREaCAMPER. 

The A$7.37 million ($7.83m) deal was announced last October. 

Camplify, Mighway and SHAREaCAMPER each enable motorhome and campervan owners, including private individuals and small rental operators, to rent out their vehicles to tourists. 

Camplify's peer to-peer platform was established in Australia in 2015 and expanded into New Zealand in 2019. 

It also operates in Spain and the United Kingdom. 

THL's business in New Zealand includes the manufacture and sale of motorhomes, the rental of motorhomes and the operation of online peer-to-peer motorhome rental platforms. 

Aside from Mighway and SHAREaCAMPER, THL's brands include Maui, Britz and Mighty. 

"We will give clearance to a proposed merger if we are satisfied that the merger is unlikely to have the effect of substantially lessening competition in a market," the Commerce Commission said in a statement. 

Under the terms of the deal, THL agreed to sell the businesses for A$7.37m - with the purchase price to be satisfied by Camplify issuing new fully paid ordinary shares to THL. 

Shares will be issued in two equal tranches. The first tranche will be issued on completion and the second tranche will be issued 12 months after completion. 

Separately, the Commission registered a separate clearance application from THL Group (Australia) Pty Ltd, a subsidiary of THL, seeking clearance to acquire 100 per cent of Apollo Tourism and Leisure through a scheme of arrangement. 

In a December earnings update, THL said the outlook for the second half of 2022 in New Zealand and Australia remained uncertain, as both markets currently have some form of domestic travel restrictions in place. 

"While the respective Governments have provided an indicative timetable for the relaxation of international borders, it remains too early to understand what potential international demand could return in the second half of 2022," THL said. 

"Based on the New Zealand Government's announcement on border settings, it is unlikely that there will be any meaningful Trans-Tasman travel in H2," THL said at the time. 

Shares in THL last traded at $2.99, having gained 19.2 per cent over the last 12 months.