Strategic Consortium Tables NZ$509M Offer for Tourism Holdings (ASX:THL)

Highlights 

• Consortium tables NZ$2.30/share proposal for Tourism Holdings 
• Bid values Tourism Holdings (THL) at NZ$509 million 
• Stakeholders already control over 30% of THL shares 

A major development in the travel and leisure sector has emerged as Tourism Holdings (ASX:THL), a dual-listed New Zealand and Australian company known for its recreational vehicle (RV) operations, has received a proposal from a consortium consisting of BGH Capital and the Trouchet family. The proposed acquisition would value the business at approximately NZ$509 million (AU$472 million). 

Proposal Details 

Tourism Holdings disclosed on Monday that it had received an unsolicited, non-binding offer from the consortium the day prior. The proposal outlines a potential purchase of all shares in the company at NZ$2.30 per share in cash. This offer represents a significant premium and underscores the consortium’s confidence in the long-term potential of the business. 

Notably, the consortium is also open to alternate deal structures. These may include arrangements that provide it with a controlling interest in THL without requiring complete ownership, introducing flexibility in negotiations and outcomes. 

Share Accumulation and Ownership Stakes 

Coinciding with the announcement, it was revealed that BGH Capital has acquired a 19.99% relevant interest in Tourism Holdings. The Trouchet family, who operate the Apollo Motorhomes business that merged with Tourism Holdings in 2022, hold an additional 11.795% stake. 

Collectively, the consortium now holds more than 30% of the company’s issued shares, strengthening its influence in any upcoming shareholder and board-level discussions regarding the future of the company. 

Leadership and Background 

Apollo Motorhomes, originally established by the Trouchet family in 1985, merged with Tourism Holdings two years ago in a strategic move to consolidate market position and operational synergies in the RV travel sector. Luke Trouchet, CEO of Apollo, and Karl Trouchet, CFO, have continued their leadership roles within the merged entity. 

Due to the potential conflict of interest arising from his involvement in the consortium, Luke Trouchet will take a leave of absence from his executive duties at Tourism Holdings. Furthermore, he will abstain from all board and subcommittee meetings that may deliberate on the proposal. 

This proposal marks a significant milestone in Tourism Holdings’ corporate journey and is expected to draw close attention from shareholders and industry observers as developments unfold.