International peer-to-peer recreation vehicle (RV) sharing platform Camplify (ASX: CHL) is hitting the M&A road with a $7.37 million acquisition to buy the New Zealand and Australian business and assets of Mighway and SHAREaCAMPER from Tourism Holdings (NZX: THL).
After recently announcing 106 per cent year-over-year revenue growth in the first quarter, and with its shares up 272 per cent since its June listing, Camplify has today announced a deal that will make it the largest peer-to-peer marketplace operator in New Zealand by adding an additional over 900 RVs to its platform.
The transaction will be paid in CHL shares, to be paid in two equal tranches with the first upon completion - likely on 30 November - and the second 12 months later.
"This acquisition delivers Camplify a strategic and targeted growth opportunity in two of our key markets," says Camplify CEO and founder Justin Hales, a two-time Australian Young Entrepreneur Award - Hospitality & Tourism winner.
"It solidifies our owner and consumer base for future growth, and establishes a relationship between RV-industry leaders that will leverage cross-promotional marketing benefits, and deliver value-added services to van-owners in New Zealand and Australia," he says.
"The timing is ideal. Our New Zealand growth performance has already been strong, and with the expected return of unrestricted Australia and New Zealand travel, our New Zealand-based RV owners are excited about welcoming back Aussies in 2022."
Hales welcomes Mighway and SHAREaCAMPER owners, travellers and team members to the global Camplify community.
"We are looking forward to delivering our owners, fleet managers and small-business van-operators new rental revenue opportunities. Our message to all van owners is simple – join Camplify and put your van to work," he says.
"This transaction enables THL to retain a presence in the peer-to-peer space in New Zealand through Camplify and benefit from the scale Camplify has created in Australia," adds Tourism Holdings CEO Grant Webster.
"We look forward to assisting Camplify’s continued growth in their New Zealand and Australian operations as they build on the success of Mighway and SHAREaCAMPER to date."
Shares in CHL are up 13.88 per cent to $4.84 per share at 11.28am AEDT.
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