Why fund managers used Tourism Holdings' takeover bid to exit

A BGH Capital-led consortium lifted its offer for the world's largest campervan rental operator by 35%, and several fund managers have used the rally to exit.

31 May 2026 · 4 min read

Recreational vehicle rental operator Tourism Holdings attracted a takeover offer that fund managers ultimately used as an exit point after a period of geopolitical disruption to travel demand. Wilson Asset Management's May 2026 Monthly Report detailed the revised, non-binding offer from a consortium of BGH Capital and the Trouchet family interests, priced at NZD3.10 per share, almost 35% above the consortium's original June 2025 offer of NZD2.30, valuing the company at approximately NZD686 million.

A revised bid that reflects cyclical, not structural, headwinds

Wilson Asset Management framed the improved offer as a vote of confidence that Tourism Holdings' recent headwinds, weaker domestic rental conditions and the fallout from the Middle East conflict, are cyclical rather than structural. The consortium, which holds around 19.9% of shares, saw the stock jump 26% on the day of the revised proposal, with shareholders representing roughly 16% of the register expressing support.

We had bought a position in THL over the last 6 months as we saw a leading global business in campervan rentals being impacted by short term geopolitical disruptions. Longer term the business is resilient from any AI disruption as people will always prioritize travel and outdoor holidays.

— Tamim Funds Management, Monthly Report, May 2026

Tamim Funds Management's own May 2026 Monthly Report gave the fuller picture from the operating side: revised FY26 guidance implied underlying NPAT of $40 to $43 million, a downgrade reflecting lower vehicle sales, adverse foreign exchange impacts of $10 million and working capital movements of $20 million, though the company remained within its banking covenants with more than $300 million of headroom. Tamim had built its position over the prior six months on the view that the world's largest campervan rental business was being impacted by short-term disruption rather than any change to long-term travel demand.

What managers are watching next

Tamim Funds Management ultimately banked the win, selling out on the day of the revised offer after the board granted the BGH-led consortium due diligence access at no less than NZD3.10 per share on 12 June 2026. With the offer still conditional on due diligence, finalised debt arrangements, BGH Capital's investment committee approval and a unanimous board recommendation, the situation remains one for managers to watch through to a binding proposal or a lapse of the current process.