History

Steady growth, strategic investments and acquisitions changed the nature of The Helicopter Line and in 1996 the company changed its name to Tourism Holdings Limited to more accurately reflect its diverse stable of tourism experiences, attractions and vehicle rental operations.

These included iconic private businesses such as the Newmans Group, The Mount Cook Group and Horizon Holidays and from Government origins with the likes of Milford Sound Red Boats, Waitomo Glowworm Caves and hotels purchased from the former Tourist Hotel Corporation.

During this period, thl firmly established its position as a key player in New Zealand tourism with increasing growth and investment in Australia.

• There were a number of notable business acquisitions and events during this period:
• In 1995 thl acquired 60% of the RV manufacturing business CiMunro. The remaining 40% was acquired two years later.
• Britz Motorhomes, operating in New Zealand and Australia, was acquired in 1999.
• thl acquired a 50% in Kiwi Experience and Oz Experience guided bus operations in 1995. The remaining 50% was acquired in 2000.
• The Legendary Blackwater Rafting Company and the licence to operate Ruakuri Caves at Waitomo were acquired in 2003. The Ruakuri Caves were developed into an attraction that opened in 2005.
• Backpacker Campervans was established in 1996 as a second-tier RV rental brand to Britz. Fifteen years later it was well established across New Zealand and Australia and was rebranded to Mighty, one of thl's RV rental brands today.
• In 2005, a fire destroyed the Waitomo Caves Visitor Centre.

In 2007, thl commenced a significant strategic realignment to change the asset mix of the group with a focus on the motorhome rentals businesses, with the maui, Britz and Mighty brands across New Zealand and Australia. All of the non-motorhome tourism businesses, apart from the Waitomo Caves attractions and Kiwi Experience, were sold.

In pursuit of growth and leveraging a core competency in operating RV businesses, thl ventured into the United States by acquiring Road Bear RV Rentals and Sales in 2010, It and has since grown the business with additional fleet and locations.

In 2007, thl acquired Action Motor Bodies, an engineering and vehicle customisation business. This business, which manufactures a range of specialist vehicles, including St John Ambulances and mobile medical vehicles, is now a key part of the Action Manufacturing Group.

In 2008, following the establishment of a new lease formed to operate Waitomo Glowworm Caves with an extension to 2027 with the cave owners (the Ruapuha Uekaha Hapu Trust) and the Department of Conservation, construction started on a new Waitomo Glowworm Cave Visitor Centre. The iconic building was opened in 2010.

In 2012 the RV manufacturing operations of CiMunro and specialist vehicle manufacturing operations of Action Motor Bodies were merged with KEA Manufacturing to form a new joint venture, RV Manufacturing Group (since re-named Action Manufacturing). Action Manufacturing now designs and manufactures quality mobile solutions across multiple factories including work in the medical, emergency, tourism and transport scenes.

On the rentals side, in 2012 thl led a consolidation of the New Zealand motorhome rental industry through a merger with KEA Campers and United Campervans. In the same year, thl acquired the use of the KEA brand in Australia. Over 2013 and 2014 the combined New Zealand rental fleet size was rationalised and reduced by around 25% to better match demand and increase return on funds employed (ROFE).

Following the 2012 merger, thl operated the KEA, maui, Britz and Mighty brands in Australia and the same brands, with the addition of United and Alpha, in New Zealand. In 2016, thl consolidated the brands to maui, Britz and Mighty.

In 2015 thl expanded into the United Kingdom through the acquisition of a 49% stake in Just Go, a UK-based motorhome rentals and sales business.

thl's focus over 2013 to 2015 was on improving the ROFE of the business and positioning the core business model for future growth. The driving forces behind these changes were a focus on efficient capital management and allocation, improvements in fleet vehicle design, improvements in operational logistics and a strong customer focus.

In 2016 thl launched two initiatives to create more flexibility in fleet capital deployment.

The introduction of the flex fleet model saw the build or purchase of fleet, used across a peak season and sold within an 18-month period, a significantly shorter holding period compared to the core model which sees fleet held in New Zealand and Australia up to six years. thl supplements the core fleet model with flex fleet to create capital flexibility while maintaining a range of age propositions in its rental offering.

thl also founded Mighway in New Zealand, a peer-to-peer RV rental business and thl's entry into the sharing economy.

In 2016 thl also purchased the GeoZone business to incorporate technology and content into thl's suite of mobile device-based customer tools. thl also announced an Australasian partnership with Roadtrippers (a leading North American road travel app and data business), with the desire to create a leading tech platform to support the customer experience in the New Zealand and Australian RV fleet.

Also launched for the peak New Zealand summer season in 2016 was the Waitomo Caves Homestead. This large restaurant, café and retail outlet was purchased and refurbished. It provided increased food and beverage and retail capacity for the Discover Waitomo cave attractions business.

In December 2016, thl expanded its American scale by acquiring El Monte RV Rental and Sales, the second-largest North American based RV business at the time, and a long-established player in both the domestic and international customer segments.

In February 2018, thl established Togo Group - a 50:50 joint venture with Thor Industries Inc., the leading RV manufacturer globally. Togo Group focused on the development of a digital platform for RV owners to improve every aspect of RV ownership, including trip planning and booking, remote monitoring systems, roadside assistance, and peer-to-peer RV and campsite rental. As part of the joint-venture, Togo Group purchased 100% of Roadtrippers, together with acquiring thl assets Mighway, CamperMate, and several RV management technology platforms. Togo Group was later rebranded to Roadpass Digital.

The COVID-19 pandemic, which circulated the world during 2020-2022 and caused country-wide lockdowns, proved a shock to the tourism industry.

Lockdowns saw the overnight loss of international travelers, the predominant customer of RV rental and tourism. thl rapidly turned to focus on vehicle sales, utilising rental fleet for non-tourism causes, and growing domestic rental markets.

Discover Waitomo continued operation, leveraging the national tourism effort to encourage New Zealanders to discover their own country's tourism treasures. While Kiwi Experience was put into hibernation during this time until international borders reopened.

Several transactions were undertaken to consolidate the group and its focus, including the acquisition of the remaining ownership in Action Manufacturing, the acquisition of the remaining ownership in the UK-based Just go motorhomes, and the sale of thl's Roadpass Digital stake to its joint venture partner, Thor Industries.

By closely managing its balance sheet through the right-sizing of its fleet globally, thl achieved a significant reduction in debt over a short period despite being in a loss-making period. In doing so, thl was able to avoid an equity raise that would have been highly dilutive to existing shareholders in the globally deflated stock market.

In November 2022, thl merged with Apollo Tourism & Leisure (Apollo), creating the world's largest commercial RV rental operator and establishing a platform for future growth. As part of the merger, thl also listed on the ASX as a foreign exempt listing.

Apollo, an Australian-born RV leisure operator, was founded in 1985 by the Trouchet family. Over the first decade of business, Apollo established a strong trans-Tasman operation, with brothers Luke and Karl Trouchet assuming business leadership in 2001. During the next decade Apollo expanded further internationally, entering the USA and Canada, building factories and the TALVOR brand, and launching new rental brands such as Cheapa Campa and Hippie Camper. In 2013 Apollo secured the rights to import and manufacture leading European RV brand Adria in Australia, and in 2014 the license to manufacture and market Winnebago in Australia and New Zealand. In 2016 Apollo listed on the Australian Stock Exchange and expanded its vehicle sales footprint via acquisitions of Kratzmann Caravans, Sydney RV Group and George Day Caravans & Motorhomes, as well as acquiring the remaining shares in CanaDream it did not already own. Across 2018 and 2019 Apollo expanded into the UK and Ireland with the purchase of the Camperoo Group, incorporating Bunk Campers, and opened the first branch in Hamburg, Germany. 2021 saw the first Apollo RV Service & Repair Centre open.

In parallel with the merger process, international borders reopened and travelling recommenced, with the strong recovery of international tourism. thl saw the return to profitability after two loss-making years.