Tourism Holdings Buys Kea New Zealand Brand
New Zealand-based campervan rental firm Tourism Holdings Ltd. (THL) has acquired the Kea motorhome brand in Australia from Kea New Zealand for an undisclosed sum.
Sharechat.co.nz reported that the purchase will add about 5% to THL’s Australian fleet of about 1,450 vehicles, according to CEO Grant Webster.
The previous agents for Kea Australia have ceased trading and appointed liquidators for their business.
Webster said the circumstances of the sale meant THL was able to make the acquisition for a favorable price.
THL and Kea New Zealand in February formed a joint venture to run their respective motorhome and campervan manufacturing businesses.
THL has leased enough of the Kea design fleet to ensure there is minimal disruption for existing customers, it said in a statement on Friday (June 15).
“The Kea brand in Australia nicely compliments THL’s existing Maui motorhome product in Australia, providing a different vehicle and experience that extends and enhances the THL product suite,” Webster said.
THL and Kea New Zealand plan to “explore potential cost synergies between their businesses” in the future.
The acquisition won’t have a material impact on THL’s results for the year ending June 30.