New Zealand RV Rental Firm Acquires El Monte RV
Tourism Holdings, a publicly traded New Zealand RV rental company, has agreed to pay $65.3 million for U.S. RV rental and sales business, El Monte RV to increase its presence in the U.S. market, the world’s largest RV market. The acquisition will make Tourism Holdings the second-largest RV rental operator in North America behind rival Cruise America without increasing overall fleet numbers. El Monte allows Tourism Holdings to develop a broad-based RV rental and sales business in the U.S., similar to its success in the New Zealand market, and its mix of international and domestic customers and older fleet is complementary to Tourism Holdings’ smaller and more premium Road Bear operation in the U.S.
“We are looking forward to combining fleet procurement, operating different rental brands and maximizing RV sales through both our traditional wholesale channels and the El Monte retail sites; a model we know,” said Tourism Holdings Chief Executive Grant Webster. “This is a much lower risk strategy than trying to grow to an equivalent market share from the Road Bear platform.”
