Tourism Holdings Ltd has entered into an agreement to establish a 50:50 joint venture with US recreational vehicle (RV) manufacturer Thor Industries Inc.
The joint venture, TH2connect LLC, has entered into an agreement to buy 100% of US-based travel planning & travel data company Roadtrippers Inc, including Roadtrippers’ interest in the Roadtrippers Australasia business, the 50:50 joint venture between Tourism Holdings & Roadtrippers.
Tourism Holdings will also contribute its Mighway business & the Cosmos rental & recreational vehicle industry platform to the joint venture, plus about $3 million cash. Thor will contribute about $US47 million. The transactions are all expected to close around the end of February.
Tourism Holdings, the world’s largest renter of motorhomes & campervans, said Thor was the world’s largest recreational vehicle manufacturer by volume.
Tourism Holdings chair Rob Campbell said today: “At the annual meetings in 2016 & 2017 we outlined our need to grow a global platform that would assist us in broadening our reach within the wider RV ecosystem. We have progressed down this path well; however, we now have a partner & set of assets that will turn our ‘start’ into a compelling, winning global business.”
He said the TH2 joint venture would be focused on enhancing the enjoyment & safety of RV enthusiasts by digitally connecting this fast-growing international marketplace: “This innovative & comprehensive platform will improve every aspect of RV ownership, with capabilities that include trip planning & booking, remote systems monitoring, roadside assistance and peer-to-peer RV & campsite rental. The system will also streamline an owner’s record keeping and enable dealers & manufacturers to provide such support as triggered service notifications & online vehicle manuals.”
Attribution: Company release.