Tourism Holdings, the largest campervan rental business in Australia and New Zealand, said it acquired 49 percent of UK-based Just Go, a motorhome rentals and sales business.
The Auckland-based company said the price wasn't material and wouldn't be disclosed. Founders of Just Go, Nick and Sarah Roach, would retain a controlling 51 percent stake and continue to manage the business, which operates 130 motorhomes at peak season.
"Just Go has a similar model and return on capital as our successful Road Bear RV business in the USA," said chief executive Grant Webster. "There are good synergies with THL and we are positive about the growth opportunities."
Just Go had a "very flexible" business model and its fleet was typically only rented fro 18 months before being sold, he said. "We also see a good opportunity to bring some of the Just Go vehicles to New Zealand to extend our range for sale.
Daniel Schneider, who was the founder and operator of Road Bear, will become a director of Just Go, Webster said.
Last month, THL posted first-half profit that more than doubled, beating guidance, after the company cut costs. The company affirmed its December guidance of annual profit to be at least $17 million. That's higher than its November range of between $15 million and $16 million, which was itself an upgrade, and would be at least 53 percent higher than the $11.1 million it recorded in 2014.
The shares rose 0.6 percent to $1.75 and have declined 3.3 percent this year.