Tourism Holdings Limited

What Tourism Holdings Limited does

Tourism Holdings Limited (thl) is a New Zealand-domiciled, publicly listed (NZX/ASX; OTC: TRZHF) vertically integrated recreational vehicle (RV) company founded in 1984 and headquartered in Auckland. Operating across New Zealand, Australia, the United States, and Canada with franchise extensions into Southern Africa and Japan, thl runs five interconnected segments: RV Design & Build (KEA, Talvor, Windsor, Winnebago ANZ, Coromal), RV Rentals (maui, Apollo, Britz, CanaDream, Road Bear RV, El Monte RV, Mighty Campers, Cheapa Campa, Hippie Campers), RV Sales (RV Super Centre, Apollo RV Sales, Kratzmann, GeorgeDay, Sydney RV, CamperCo), Manufacturing (Action Manufacturing, Fairfax, Freighter, TransCold), and Tourism (Discover Waitomo including Waitomo Glowworm Caves and Blackwater Rafting, Kiwi Experience bus tours, and TripTech/CamperMate digital platform). The company self-describes as the most vertically integrated RV business globally, encompassing more than 30 brands serving hundreds of thousands of customers annually.

Revenue is generated through four primary streams: usage-based short- and long-term RV rentals across the nine rental brands, one-time RV sales through the dealership network, hardware sales via in-house manufacturing, and transaction/admission fees on tourism experiences, supplemented by licensing royalties from franchise partners in Southern Africa and Japan. Pricing is quote-based across rental and sales, varying by season, vehicle class, duration, and geography. Distribution combines owned rental branches, owned physical dealerships, franchise operators, and online booking via brand-specific websites. The TripTech technology platform — including the CamperMate navigation and trip-planning application — provides route planning, campground discovery, and travel coordination functionality that integrates with thl's vehicle and tourism offerings.

The business is currently in a strategic reshape: the February 2026 divestiture of UK and Ireland operations (Bunk Campers, Just Go) contributed to a 17% H1 FY26 net profit increase, 11% revenue growth to NZD 477.3 million, and a 67% surge in operating cash flow to NZD 40.5 million. Full-year FY26 NPAT is guided at NZD 43-47 million with a net debt target below NZD 400 million. Australian private equity firm BGH Capital raised its takeover bid to NZ$3.10 per share in 2026, indicating active shareholder-level change alongside the operating restructuring.

Name

Tourism Holdings Limited

Legal name

Tourism Holdings Limited

Website

https://thlonline.com

Company type

Public

Founded year

1984

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Tourism Holdings Limited (thl) is a publicly listed New Zealand vertically integrated RV company operating RV design, manufacturing, rental, sales, and tourism businesses across New Zealand, Australia, the USA, and Canada with more than 30 brands.

Ownership category

akta.pro rank

Product category

Recreational Vehicle Rental and Sales

NAICS

Automotive Equipment Rental and Leasing (5321), Recreational Vehicle Dealers (44121), Recreational Vehicle Dealers (441210), Recreational Goods Rental (532284)

SIC

Services-Auto Rental & Leasing (No Drivers) (7510), Retail-Mobile Home Dealers (5271)

akta.pro primary industry

Full-Service Vacation Rental Property Management (THAMAKAA)

akta.pro secondary industries

Recreational Vehicle (RV) Bodies & Towables Manufacturing (IMACAGAJ), Full-Service Vacation Rental Property Management (BPAJAIAA), Co-Host / On-the-Ground Operations & Guest Services (BPAJAIAI)

Keywords

• RV rental services
• Motorhome rental
• Campervan sales
• Holiday vehicle rental
• Recreational vehicle manufacturing

Headquarters

HQ city

Auckland

HQ country

New Zealand

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Marketing or Sales, Infrastructure, Technology or R&D

Revenue model

1. RV Rentals: Short-term and long-term rental of recreational vehicles through brands including maui, Apollo, Britz, CanaDream, Road Bear RV, El Monte RV, Mighty Campers, Cheapa Campa, and Hippie Campers. Revenue generated through daily/weekly rental rates across New Zealand, Australia, USA, and Canada operations.
2. RV Sales: Sale of new and used recreational vehicles through dealership network including RV Super Centre, Apollo RV Sales, Kratzmann, GeorgeDay, Sydney RV, and CamperCo.
3. RV Manufacturing: Design and manufacturing of RVs under brands KEA, Talvor, Windsor, Winnebago (ANZ), Coromal, and via Action Manufacturing, Fairfax, Freighter, and TransCold subsidiaries.
4. Tourism Experiences: Tourism operations including Discover Waitomo (Waitomo Glowworm Caves, Blackwater Rafting, Ruakuri Caves, Aranoni Caves, Waitomo Homestead), Kiwi Experience bus tours, and TripTech services.
5. Franchise Revenue: Licensing and franchise fees from operations in Southern Africa and Japan.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

thl is the largest provider of holiday vehicles for rent and sale in Australia and New Zealand and a vertically integrated RV company. It designs, builds, rents, and sells recreational vehicles across more than 30 consumer brands spanning premium, value, and budget segments, and operates rental fleets and sales operations in New Zealand, Australia, the United States, and Canada with franchises in Southern Africa and Japan.

Product overview

Tourism Holdings Limited (thl) operates as a vertically integrated global RV (recreational vehicle) company listed on the NZX and ASX. The business encompasses four interconnected segments: RV Design & Build (KEA, Talvor, Windsor, Winnebago ANZ, Coromal), RV Rentals (maui, Apollo, Britz, CanaDream, Road Bear RV, El Monte RV, Mighty Campers, Cheapa Campa, Hippie Campers, Bunk Campers, Just Go), RV Sales (RV Super Centre, Apollo RV Sales, Kratzmann, GeorgeDay, Sydney RV, CamperCo), and Manufacturing (Action Manufacturing, Fairfax, Freighter, TransCold). Additionally, the company operates Tourism assets including Discover Waitomo cave attractions, Kiwi Experience backpacker bus service, and TripTech digital platforms including CamperMate. The portfolio spans operations in New Zealand, Australia, USA, and Canada, with franchises in Southern Africa and Japan. Collectively, thl represents over 30 brands serving hundreds of thousands of customers annually.

Differentiator

Problem solved

Functional benefit

Brands

• thl: Global family of RV brands delivering enriching travel experiences across RV design/build, rentals, sales, manufacturing, and tourism operations

Products and services

• maui

Quantifiable outcome

• H1 FY26 revenue NZD 477.3 million, up 11% year-on-year
• +3 more outcomes

Segments3 records

Ideal customer profiles3 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators8 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Winnebago Industries: One of the largest US RV manufacturers, Winnebago Industries also sells motorhomes and towables through dealers. thl operates the licensed Winnebago brand in Australia and New Zealand (Winnebago ANZ), making Winnebago both a licensor and a strategic comparable across RV manufacturing and sales.
• Thor Industries: Thor Industries is the world's largest RV manufacturer with a broad portfolio of motorhome and towable brands. Comparable to thl's vertically integrated design/build, manufacturing, and dealership exposure, though Thor does not operate a meaningful rental fleet.
• Trigano: Trigano is Europe's leading RV and outdoor leisure equipment manufacturer with a portfolio of caravan, motorhome, and outdoor equipment brands. Comparable to thl in the breadth of its multi-brand manufacturing footprint and international distribution.
• Knaus Tabbert: Knaus Tabbert is a major European RV manufacturer producing motorhomes, caravans, and camper vans under multiple brands. Comparable to thl's RV Design & Build and Manufacturing segments (KEA, Talvor, Windsor, Coromal) at the production level.

Direct peers

• Cruise America: Cruise America is the largest RV rental operator in the United States, offering motorhome rentals across North America. Directly comparable to thl's Road Bear RV and El Monte RV rental operations in the US market.
• Fraserway RV: Fraserway RV is one of Canada's largest RV rental and sales operators, with a fleet of motorhomes and campervans across the country. A direct comparable to thl's CanaDream Canadian rental business.
• McRent: McRent is a major European motorhome rental company with locations across the continent. Comparable to thl's multi-brand European operations (Bunk Campers, Just Go) on product, customer, and business model.

Emerging players

• Roadsurfer: Roadsurfer is a fast-growing European RV rental operator offering campervan rentals across multiple countries with a fleet-purchasing model. Comparable to thl's premium RV rental brands (maui, Apollo) in target customer and use case.
• Outdoorsy: Outdoorsy operates a peer-to-peer RV rental marketplace connecting RV owners with renters, primarily in North America. A disruptive comparable to thl's owned-fleet rental operations in the US and Canada.
• RVshare: RVshare is a leading peer-to-peer RV rental marketplace in the United States, offering an alternative to traditional fleet-based operators. Competes for the same RV rental demand that thl's Road Bear RV and El Monte RV brands serve.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/tourism-holdings-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries27 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tourism Holdings Limited